HK's GDP up 6.8 pct in 2006

For 2006 as a whole, Hong Kong's gross domestic product (GDP) grew 6.8 percent over 2005, the Census & Statistics Department said Friday.

The department also said HK's GDP rose 7 percent in the fourth quarter over a year earlier, compared with 6.7 percent growth in the third quarter.

Net output in all service sectors taken together rose 9.3 percent in real terms in the fourth quarter. For 2006 as a whole, there was an increase of 8.6 percent.

Net output in the financing, insurance, real estate and business-services sector grew 16.4 percent over a year earlier, compared with the 11.7 percent increase in Q3. For 2006 as a whole, it rose 14.2 percent. The growth impetus came mainly from the financial services, underpinned by a strong upsurge in stock market turnover.

Net output in the wholesale, retail and import and export trades, restaurants and hotels sector rose 9.7 percent in Q4 over a year earlier, slightly moderating from the 10.4 percent increase in Q3. For 2006 as a whole, it grew 9.9 percent.

Net output in the transport, storage and communications sector grew 9.3 percent in Q4 over a year earlier. For 2006 as a whole, it went up 9 percent in real terms.

Net output in the community, social and personal-services sector rose 3 percent over a year earlier, following the 2.5 percent rise in Q3. For 2006 as a whole, it grew 2.1 percent.

Local manufacturing sector's net output dropped 1.4 percent over a year earlier, compared with the 0.6 percent decrease in Q3. For 2006 as a whole, it rose 2.2 percent.

Net output in the electricity, gas and water sector fell 4 percent over a year earlier. For 2006 as a whole, it grew 0.9 percent.

As to the construction sector, net output dropped 3 percent in real terms over a year earlier, following the 10.9 percent fall in Q3. For 2006 as a whole, net output in the construction sector dropped 7.9 percent.

Source: Xinhua