Chain volume measures of Gross Domestic Product by economic activity for the second quarter of 2024
The Census and Statistics Department (C&SD) released today (September 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the second 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 3.3% in real terms in the second quarter of 2024 over a year earlier, compared with the 2.8% increase in the first 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 2.1% in real terms in the second quarter of 2024 over a year earlier, compared with the 3.1% increase in the first quarter.
Value added in the import and export, wholesale and retail trades sector marginally decreased by 0.1% in real terms in the second quarter of 2024 from a year earlier, as against the increase of 0.9% in the first quarter.
Value added in the accommodation and food services sector dropped by 6.3% in real terms in the second quarter of 2024 from a year earlier, as against the growth of 0.9% in the first quarter.
Value added in the transportation, storage, postal and courier services sector increased by 10.5% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 19.5% in the first quarter.
Value added in the information and communications sector increased by 2.2% in real terms in the second quarter of 2024 over a year earlier, virtually the same as the rise in the first quarter.
Value added in the financing and insurance sector increased by 0.3% in real terms in the second quarter of 2024 over a year earlier, as against the decrease of 0.5% in the first quarter.
Value added in the real estate, professional and business services sector registered a growth of 3.2% in real terms in the second quarter of 2024 over a year earlier, compared with the rise of 1.2% in the first quarter.
Value added in the public administration, social and personal services sector rose by 2.8% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 3.1% in the first quarter.
As for sectors other than the services sectors, value added in the local manufacturing sector rose by 0.7% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 1.8% in the first quarter.
Value added in the electricity, gas and water supply, and waste management sector increased by 1.6% in real terms in the second quarter of 2024 over a year earlier, compared with the increase of 4.3% in the first quarter.
Value added in the construction sector increased by 17.2% in real terms in the second quarter of 2024 over a year earlier, after the increase of 9.2% in the first quarter.
Further information
The year-on-year percentage changes of GDP by economic activity in real terms from the second quarter of 2023 to the second 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 second 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).
Consumer Price Indices for August 2024
The Census and Statistics Department (C&SD) released today (September 20) the Consumer Price Index (CPI) figures for August 2024. According to the Composite CPI, overall consumer prices rose by 2.5% in August 2024 over the same month a year earlier, the same as that in July 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in August 2024 was 1.2%, also the same as that in July 2024.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period ending August 2024 was 0.6%, the same as that for the 3-month period ending July 2024. Netting out the effects of all Government's one-off relief measures, the corresponding rates of increase were both 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.2%, 2.2% and 1.9% respectively in August 2024, as compared to 3.1%, 2.3% and 2.0% respectively in July 2024. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.1%, 1.2% and 1.3% respectively in August 2024, as compared to 1.0%, 1.2% and 1.4% respectively in July 2024.
On a seasonally adjusted basis, for the 3-month period ending August 2024, the average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) were 0.8%, 0.5% and 0.4% respectively, same as those for the 3-month period ending July 2024. Netting out the effects of all Government's one-off relief measures, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period ending August 2024 were 0.2%, 0.1% and 0.2% respectively, and the corresponding rates of increase for the 3-month period ending July 2024 were all 0.2%.
Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in August 2024 for alcoholic drinks and tobacco (20.8%), electricity, gas and water (4.8%), housing (3.3%), transport (2.8%), meals out and takeaway food (2.4%), miscellaneous services (2.2%), miscellaneous goods (0.9%), and basic food (0.8%).
On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in August 2024 for clothing and footwear (-1.8%), and durable goods (-0.9%).
Taking the first 8 months of 2024 together, the Composite CPI rose by 1.8% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.2%, 1.7% and 1.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 0.9%, 1.1% and 1.3% respectively.
For the 3 months ending August 2024, the Composite CPI rose by 2.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.7%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.1%, 1.0%, 1.1% and 1.3% respectively.
For the 12 months ending August 2024, the Composite CPI was on average 2.0% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.4%, 1.9% and 1.8% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.1%, 1.2% and 1.5% respectively.
Commentary
A Government spokesman said that underlying consumer price inflation remained modest in August. Prices of meals out and takeaway food increased at a moderated pace over a year earlier, and those of basic food inched up further. Prices of energy-related items continued to show visible decline. Price pressures on other major components remained broadly in check.
Looking ahead, overall inflation should stay mild in the near term. Domestic cost may face some moderate upward pressures as the Hong Kong economy continues to grow. External price pressures should moderate further in broad terms, though geopolitical tensions may pose uncertainties. The Government will continue to monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for August 2024 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government's one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.
More detailed statistics are given in the "Monthly Report on the Consumer Price Index". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1060001&scode=270).
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).
