Hong Kong's Gross Domestic Product rose 5.6% in real terms in the first quarter of 2007 over a year earlier, compared with the 7.3% growth in the previous quarter, the Census & Statistics Department has announced.
Analysed by sector and on a year-on-year comparison, net output in all service sectors taken together rose 7.6% in real terms, after 9.6% growth a quarter earlier.
Net output in the wholesale, retail, import and export trades, restaurants and hotels sector grew 7.7% in real terms, compared with the 10% rise in the previous quarter.
Growth in local consumer demand, robust external trade and the expansion of offshore trade and inbound tourism all contributed to the rise, the Department said.
Net output in the transport, storage and communications sector rose 5% in real terms after a 9.4% rise in the previous quarter. Robust external trade underpinned the growth in transport and storage services. The net output of the financing, insurance, real estate and business services sectors rose 15.2% in real terms, compared with the 17.4% increase in the fourth quarter of last year.
The growth impetus came mainly from banking services, on the back of a substantial rise in commission and service income. Also relevant was a leap in the net output of stock brokerage companies, underpinned by a significant rise in stock market turnover.
Net output in the community, social and personal services sector rose 1.3% in real terms, following the 3.2% rise in the previous quarter.
A fall in net output was seen in the local manufacturing sector. It recorded a 1.5% fall in real terms in the first quarter, compared with the decrease of 1.4% in the fourth quarter.
In the construction sector, net output fell by 4.6% in real terms, following the decrease of 3.1% in the fourth quarter. The fall was mainly attributable to a lack of large infrastructure projects in progress.
Net output in the electricity, gas and water sector rose 1.1% in real terms, compared with the 4% fall in the fourth quarter of 2006.
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