,Hong Kong

HK GDP increases by 7.6% in Q2 2021

This is an 8% increase from the first quarter of 2021.

The Census and Statistics Department (C&SD) released the preliminary figures for the gross domestic product (GDP) by economic activity for the second quarter of 2021 on 20 September.

According to the preliminary figures, overall GDP increased by 7.6% from last year in the second quarter of 2021. There is also an 8% increase from the first quarter of 2021.

Net output in the import and export, wholesale and retail trades sector increased by 15.5% in real terms in the second quarter of 2021 over a year earlier, compared with the 24.0% increase in the first quarter. 

Net output in the financing and insurance sector increased by 6.0% in real terms in the second quarter of 2021 over a year earlier, following the 7.4% rise in the first quarter. 

Net output in the accommodation services (covering hotels, guesthouses, boarding houses, and other establishments providing short term accommodation) and food services sector increased by 16.6% in real terms in the second quarter of 2021 over a year earlier, as against the decrease of 6.1% in the first quarter. 

Net output in the transportation, storage, postal, and courier services sector increased by 19.5% in real terms in the second quarter of 2021 over a year earlier, compared with the 0.4% increase in the first quarter. 

Net output in the information and communications sector increased by 2.5% in real terms in the second quarter of 2021 over a year earlier, compared with the growth of 3.7% in the first quarter. 

Net output in the real estate, professional, and business services sector registered an increase of 2% in real terms in the second quarter of 2021 over a year earlier, compared with the 1.3% growth in the first quarter. 

Net output in the public administration, social, and personal services sector rose by 4% in real terms in the second quarter of 2021 over a year earlier, following the 2.2% increase in the first quarter. 

As for sectors other than the services sectors, net output in the local manufacturing sector increased by 5.6% in real terms in the second quarter of 2021 over a year earlier, compared with the increase of 2.6% in the first quarter. 

Net output in the electricity, gas and water supply, and waste management sector increased by 6.1% in real terms in the second quarter of 2021 over a year earlier, compared with the increase of 0.8% in the first quarter. 

Net output in the construction sector decreased by 0.4% in real terms in the second quarter of 2021 from a year earlier, after a decrease of 3.2% in the first quarter.

GDP figures by economic activity show the value of production in respect of individual economic activities. The value of production is measured by the net output or the value-added, which is calculated by deducting intermediate input consumed in the production from the gross value of output.

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