Hong Kong's gross domestic product (GDP) increased by 1.7% in real terms in the third quarter (Q3) of 2008 over a year earlier, compared with the 4.2% growth in the second quarter. With the growth of the Hong Kong economy slowing notably further, the import and export trades remained as the main driving force in Hong Kong's overall economic growth in the third quarter of 2008.
Analyzed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 2.3% in real terms in the third quarter of 2008 over a year earlier, compared with the growth of 4.2% in the second quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 4.8% in real terms in the third quarter of 2008 over a year earlier, compared with the 7.0% increase in the second quarter. The moderation of growth from the second quarter was mainly attributable to the decelerated growth in external trade and slackened consumer spending towards the end of the quarter.
Net output in the transport, storage and communications sector increased by 1.8% in real terms in the third quarter of 2008 over a year earlier, compared with the increase of 4.3% in the second quarter. The modest growth of the merchandise trade amid the faltering global demand underpinned the further slowdown in growth of the transport and storage services.
Net output in the financing, insurance, real estate and business services sector increased marginally by 0.4% in real terms in the third quarter of 2008 over a year earlier, compared with the 4.2% increase in the second quarter. The strained growth was mainly caused by the continued shrinkage in trading in stocks as well as quieter fund raising activities in the third quarter.
Net output in the community, social and personal services sector increased by 1.4% in real terms in the third quarter of 2008 over a year earlier, following the 1.5% rise in the second quarter.
Net output in the local manufacturing sector decreased by 6.7% in real terms in the third quarter of 2008 from a year earlier, compared with the decrease of 4.1% in the second quarter.
Net output in the electricity, gas and water sector recorded a decrease of 1.5% in real terms in the third quarter of 2008 from a year earlier, compared with the drop of 3.5% in the second quarter. As for the construction sector, net output decreased by 1.4% in real terms in the third quarter of 2008 from a year earlier, compared with the decrease of 2.7% in the second quarter.
Analyzed by constituent sector and on a year-on-year comparison, net output in all the service activities taken together rose by 2.3% in real terms in the third quarter of 2008 over a year earlier, compared with the growth of 4.2% in the second quarter.
Net output in the wholesale, retail and import and export trades, restaurants and hotels sector increased by 4.8% in real terms in the third quarter of 2008 over a year earlier, compared with the 7.0% increase in the second quarter. The moderation of growth from the second quarter was mainly attributable to the decelerated growth in external trade and slackened consumer spending towards the end of the quarter.
Net output in the transport, storage and communications sector increased by 1.8% in real terms in the third quarter of 2008 over a year earlier, compared with the increase of 4.3% in the second quarter. The modest growth of the merchandise trade amid the faltering global demand underpinned the further slowdown in growth of the transport and storage services.
Net output in the financing, insurance, real estate and business services sector increased marginally by 0.4% in real terms in the third quarter of 2008 over a year earlier, compared with the 4.2% increase in the second quarter. The strained growth was mainly caused by the continued shrinkage in trading in stocks as well as quieter fund raising activities in the third quarter.
Net output in the community, social and personal services sector increased by 1.4% in real terms in the third quarter of 2008 over a year earlier, following the 1.5% rise in the second quarter.
Net output in the local manufacturing sector decreased by 6.7% in real terms in the third quarter of 2008 from a year earlier, compared with the decrease of 4.1% in the second quarter.
Net output in the electricity, gas and water sector recorded a decrease of 1.5% in real terms in the third quarter of 2008 from a year earlier, compared with the drop of 3.5% in the second quarter. As for the construction sector, net output decreased by 1.4% in real terms in the third quarter of 2008 from a year earlier, compared with the decrease of 2.7% in the second quarter.
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