Analyzing by service industry components and comparing with the same period of the previous year, the net output of all service industries combined increased by 3% in 2013. The financial and insurance sectors saw the largest increase, with net output rising by 5.5%. The net output of the import and export trade, wholesale, and retail sectors rose by 3.5%,
In addition, the net output of the accommodation and food services sectors rose by 3.7% year-on-year, while the net output of the transportation, storage, postal, and courier services sectors increased by 2.5%. The net output of the information and communications sector also rose by 4.3%, and the construction industry recorded a real growth of 1.2% in net output.
Ryan Lam, Senior Economist at Hang Seng Bank, stated that Hong Kong's annual economic growth of 2.9% represents a significant improvement. However, concerns regarding emerging economies have resurfaced over the past few weeks.
He noted that the slowdown in growth in emerging economies has an impact on Hong Kong's external trade demand, but these emerging economies are not Hong Kong's primary export markets. The value-added from Hong Kong's trade with these countries accounts for only 2.7% of its GDP. In comparison, the value-added from Hong Kong's trade with developed economies reaches 15.3%. As the economies of developed regions such as Europe and the United States are gradually recovering, the outlook for Hong Kong's trade remains cautiously optimistic, with an expected economic growth of 3.6% for this year.
