Chain volume measures of Gross Domestic Product by economic activity for the third quarter of 2024
The Census and Statistics Department (C&SD) released today (December 17) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third quarter of 2024.
GDP figures by economic activity show the value of production in respect of individual economic activities. The value of production is measured by value added or net output, which is calculated by deducting intermediate input consumed in the process of production from the gross value of output. Volume measures of GDP by economic activity, expressed in terms of chain volume measures net of the effect of price changes, enable analysis of the output growth profiles of individual economic sectors in real terms.
According to the preliminary figures, overall GDP increased by 1.8% in real terms in the third quarter of 2024 over a year earlier, compared with the 3.2% increase in the second quarter of 2024.
Analysed by constituent services sector and on a year-on-year comparison, value added in respect of all the services activities taken together increased by 1.9% in real terms in the third quarter of 2024 over a year earlier, similar to the growth of 2.0% in the second quarter.
Value added in the import and export, wholesale and retail trades sector increased by 0.5% in real terms in the third quarter of 2024 over a year earlier, as against the marginally decrease of 0.1% in the second quarter.
Value added in the accommodation and food services sector dropped by 4.6% in real terms in the third quarter of 2024 from a year earlier, compared with the decline of 6.4% in the second quarter.
Value added in the transportation, storage, postal and courier services sector increased by 7.0% in real terms in the third quarter of 2024 over a year earlier, compared with the increase of 10.6% in the second quarter.
Value added in the information and communications sector increased by 3.2% in real terms in the third quarter of 2024 over a year earlier, compared with the rise of 2.1% in the second quarter.
Value added in the financing and insurance sector increased by 1.5% in real terms in the third quarter of 2024 over a year earlier, compared with the increase of 0.2% in the second quarter.
Value added in the real estate, professional and business services sector registered a decrease of 0.5% in real terms in the third quarter of 2024 from a year earlier, as against the rise of 2.7% in the second quarter.
Value added in the public administration, social and personal services sector rose by 2.6% in real terms in the third quarter of 2024 over a year earlier, compared with the increase of 2.9% in the second quarter.
As for sectors other than the services sectors, value added in the local manufacturing sector marginally decreased by 0.1% in real terms in the third quarter of 2024 from a year earlier, as against the increase of 0.7% in the second quarter.
Value added in the electricity, gas and water supply, and waste management sector increased by 2.7% in real terms in the third quarter of 2024 over a year earlier, after the increase of 1.6% in the second quarter.
Value added in the construction sector decreased by 0.8% in real terms in the third quarter of 2024 from a year earlier, as against the increase of 13.2% in the second quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the third quarter of 2023 to the third quarter of 2024 are shown in Table 1. More detailed statistics are given in the report “Gross Domestic Product by Economic Activity”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030004&scode=250). For enquiries about statistics on GDP by economic activity, please call the National Income Branch (2) of the C&SD at 3903 7005.
Figures of chain volume measures of GDP by economic activity for the third quarter of 2024 are only preliminary at this stage. When more data become available, the preliminary figures will be revised accordingly and can be found at the C&SD website (www.censtatd.gov.hk/en/scode250.html).
11 building plans approved in October
The Buildings Department approved 11 building plans in October, with two on Hong Kong Island, three in Kowloon and six in the New Territories.
Of the approved plans, three were for apartment and apartment/commercial developments, three were for commercial developments, two were for factory and industrial developments, and three were for community services developments.
In the same month, consent was given for works to start on 11 building projects which, when completed, will provide 10 280 square metres of gross floor area for domestic use involving 160 units, and 82 316 sq m of gross floor area for non-domestic use. The department has received notification of commencement of superstructure works for five building projects.
The department also issued 14 occupation permits, with two on Hong Kong Island, five in Kowloon and seven in the New Territories.
Of the buildings certified for occupation, the gross floor area for domestic use was 207 034 sq m involving 3 715 units, and 37 190 sq m was for non-domestic use.
The declared cost of new buildings completed in October totalled about $21.3 billion.
In addition, four demolition consents were issued.
The department received 2 603 reports about unauthorised building works (UBWs) in October and issued 809 removal orders on UBWs.
The full version of the Monthly Digest for October can be viewed on the Buildings Department’s homepage (www.bd.gov.hk).
