Hong Kong GDP Up 6.3% In 2007

by Mary Swire, Tax-News.com, Hong Kong

25 March 2008

Hong Kong's gross domestic product rose 6.7% in real terms in the fourth quarter over the same period a year earlier, and 6.3% in real terms last year using chain volume measures, the territory's Census and Statistics Department has announced.

Analysed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose 7.6% in real terms in the fourth quarter, and 7.2% last year as a whole.

Net output in the wholesale, retail and import and export trades, and the restaurants and hotels sector grew 7.1% in real terms in the fourth quarter and 7.2% last year.

The rise came from consumer spending, inbound tourism and continuous growth in external and offshore trade.

Net output in the transport, storage and communications sector rose 7.4% in real terms in the fourth quarter and and 5.8% last year, according to the Census and Statistics Department.

Net output in the financing, insurance, real estate and business-services sector grew 15.5% in real terms in the fourth quarter and 14.6% last year.

Net output in the community, social and personal-services sector grew 1.5% in real terms in the fourth quarter, with an increase of 1.3% in real terms last year. Net output in the electricity, gas and water sector recorded a rise of 1% in real terms last year.

A 0.3% fall in net output in the local manufacturing sector was seen in the fourth quarter, while the net output in the construction sector dropped 4% in the fourth quarter, and 2.5% last year as a whole.

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