Hong Kong economy grows 6.3% in 2007
Updated: 2008-03-26 09:20
Hong Kong's gross domestic product in 2007 rose 6.3 percent year on year, marking a fourth year of rapid growth, the Census and Statistics Department of the Hong Kong Special Administrative Region government said Tuesday.
The Census and Statistics Department said the growth was "in real terms," adding that it adopted volume measures, which "enable analysis of the growth profiles of individual economic sectors in real terms, by removing the effect of price changes."
The GDP growth for the fourth quarter in 2007 was 6.7 percent, it added.
Analyzed by constituent sector, net output in the service sectors as a whole rose 7.6 percent year on year in the fourth quarter and 7.2 percent throughout the year.
Net output in the wholesale, retail and import and export trades, and the restaurants and hotels sector grew 7.2 percent in 2007. The rise came from consumer spending, inbound tourism and continuous growth in external and offshore trade.
The transport, storage and communications sector added 5.8 percent while the financing, insurance, real estate and business-services sector grew 14.6 percent.
Net output in the community, social and personal-services sector grew 1.3 percent while the electricity, gas and water sector rose 1 percent year on year.
A 0.3 percent fall was seen in the local manufacturing sector in the fourth quarter, contributing to the 1.5 percent fall of the sector for the whole year.
The construction sector dropped 2.5 percent in 2007.
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