ENG-1997 — Page 86

THE ECONOMY

offshore trading and purchasing/merchandising services took up 19 per cent of the total value of exports of services and 6 per cent of the total value of imports of services. The respective shares for financial and banking services were 7 per cent and

per cent.

4

Analysed by sector, the wholesale, retail and import/export trades, restaurants and hotels was the largest contributor to the GDP, with its share rising to slightly more than 25 per cent in 1996, from 21 per cent in 1980 and 25 per cent in 1990. The second-largest contributor was financing, insurance, real estate and business services, contributing another 25 per cent in 1996. The corresponding shares in 1980 and 1990 were 23 per cent and 20 per cent. The share of community, social and personal services in the GDP was 18 per cent in 1996, rising from 12 per cent in 1980 and 15 per cent in 1990. The share of transport, storage and communications in the GDP also increased, to 10 per cent in 1996 from 7 per cent in 1980 and 9 per cent in 1990.

Chart 4

Gross Domestic Product by major service sector

1980

Wholesale, retail,

import/export trades,

Transport, storage and

restaurants and hotels 21.4%

communications

7.4%

Financing,

insurance, real

estate and

business services

23.0%

Community, social

Others 36.1%

and personal services 12.1%

Financing, insurance, real

estate and

business services 24.9%

Community, social and personal

services

17,9%

1996

Transport, storage and communications

10.2%

Others 21.6%

Wholesale,

retail, import/export trades,

restaurants and hotels 25.4%

46

The distributive and catering trades as well as financing, insurance, real estate and business services remained the largest sectors in terms of contribution to GDP.

Between 1986 and 1996, the net output or valued-added component of the financing, insurance, real estate and business services sector recorded the fastest increase (by 19 per cent); followed by transport, storage and communications (by 17 per cent), the wholesale, retail and import/export trades, restaurants and hotels (by 16 per cent); and community, social and personal services (by 15 per cent). The value added of the service sectors as a whole rose markedly, by an average of 16 per cent per annum over this period.

As regards the contribution to total employment, the service sector as a whole accounted for about 79 per cent in 1997. Within this total, the wholesale, retail and import/export trades, restaurants and hotels was the largest employer in the service sectors, accounting for about 34 per cent of the total employment in 1997. This was followed by community, social and personal services (21 per cent); financing, insurance, real estate and business services (13 per cent); and transport, storage and communications (11 per cent).