32
52
THE ECONOMY
25 per cent to the GDP in 1995. The corresponding share in 1980 was 23 per cent, but it fell to 16 per cent in 1985, affected by the slump in the property market in the early 1980s. The share of community, social and personal services in the GDP reached 17 per cent in 1995. It rose from 12 per cent in 1980 to around 17 per cent in 1985, before falling back to about 14 per cent in 1988. Transport, storage and communication had a steadily rising share in the GDP, from 7 per cent in 1980 to 8 per cent in 1985 and further to 10 per cent in 1995.
Chart 4
Transport. storage and
communication
7.49
Gross Domestic Product by major service sector
1980
Wholesale, retail, import/export trades. restaurants and hotels 21.4%
1995
Financing, insurance, real
Transport. storage and
estate and
communication
business services
24.9%
9.8%
Financing.
insurance, rea!
estate and
business services
23.0%
Community. social
and personal services
Community, social
Others 36.1%
and personal services 12.1%
17.1%
Others
20.8%
Wholesale.
retail, import/export trades,
restaurants and hotels
27.4%
The distributive and catering trades as well as financing, insurance, real estate and business services remained the largest service sectors in terms of contribution to GDP.
Between 1985 and 1995, the net output or value added component of the financing, insurance, real estate and business services sector showed the fastest increase (by 20 per cent); followed by the wholesale, retail and import/export trades, restaurants and hotels; and transport, storage and communication (both by 17 per cent). The combined value added of the service sectors as a whole rose markedly, at an average of 17 per cent per annum over this period.
The wholesale, retail and import/export trades, restaurants and hotels was the largest employer, sharing 35 per cent of the total employment in 1996. This was followed by community, social and personal services (21 per cent); transport, storage and communication (11 per cent); and financing, insurance, real estate and business services (12 per cent). Taken together, the services sector accounted for 79 per cent of the total employment in 1996. The respective shares of these sectors in employment in 1981 were 19 per cent, 16 per cent, 8 per cent and 5 per cent, giving a total of 48 per
cent.