According to the analysis of the composition of the service industry and compared with the same period last year, the overall increase in value of all service activities rose by 1.9% in the third quarter of 2024, similar to the increase of 2.0% in the second quarter.
According to the Zhito Finance APP, the Hong Kong government's Census and Statistics Department today (December 17) released preliminary figures for local Gross Domestic Product (GDP) in the third quarter of 2024, calculated on a quarter-on-quarter basis by economic activity. Based on preliminary statistical figures, the overall local GDP in the third quarter of 2024 rose by 1.8% compared to the same period last year, while the increase for the second quarter of 2024 was 3.2%. According to the analysis by the composition of the service industry and compared with the same period last year, the overall increase in value of all service activities rose by 1.9% in the third quarter of 2024, similar to the increase of 2.0% in the second quarter.
The local GDP figures classified by economic activity show the production value of individual economic activities. Production value is measured by increase in value or net output, calculated by subtracting the intermediate consumption used in the production process from the total output. The quantitative estimates of local GDP classified by economic activity (calculated on a quarter-on-quarter basis) exclude the impact of price changes, which helps to analyze the actual growth of output in various industries.
The increase in value of import and export trade, wholesale and Retail Trade, rose by 0.5% in the third quarter of 2024 compared to the same period last year, while it slightly decreased by 0.1% in the second quarter.
The increase in value of Lodging and food services fell by 4.6% in the third quarter of 2024 compared to the same period last year, while the decline in the second quarter was 6.4%.
The increase in value of Transportation, warehouses, postal, and courier services rose by 7.0% in the third quarter of 2024 compared to the same period last year, while the increase in the second quarter was 10.6%.
The increase in value of News and Communications rose by 3.2% in the third quarter of 2024 compared to the same period last year, while the increase in the second quarter was 2.1%.
The value added in the Financial and Insurance Industry increased by 1.5% in the third quarter of 2024 compared to the same period last year, while the increase in the second quarter was 0.2%.
The value added in the Real Estate, Professional and Commercial Services sector recorded a real decrease of 0.5% in the third quarter of 2024 compared to the same period last year, while the second quarter saw an increase of 2.7%.
The value added in the Public Administration, Social and Personal Services sector increased by 2.6% in the third quarter of 2024 compared to the same period last year, while the increase in the second quarter was 2.9%.
In terms of other industries outside the service sector, the value added in the local manufacturing industry slightly decreased by 0.1% in the third quarter of 2024 compared to the same period last year, while the second quarter saw an increase of 0.7%.
The value added in the Electrical Utilities, Gas, and Water Supply and Waste Management industry increased by 2.7% in the third quarter, following a 1.6% increase in the second quarter compared to the same period last year.
The value added in the Construction industry decreased by 0.8% in the third quarter of 2024 compared to the same period last year, while the second quarter saw an increase of 13.2%.