ENG-1999 — Page 73

THE ECONOMY

financial and banking services were the main components of trade in services. In 1998, transportation services constituted 35 per cent of the total value of exports of services and 19 per cent of the total value of imports of services. The corresponding shares for travel and tourism were 21 per cent and 59 per cent. As to trade-related services, offshore trading and purchasing/merchandising services took up 28 per cent of the total value of exports of services and 7 per cent of the total value of imports of services. The respective shares for financial and banking services were 6 per cent and 3 per cent.

Between 1988 and 1998, the net output or value-added of the services sector grew strongly, by an annual average of 12 per cent in value terms. Amongst the major constituent sectors, financing, insurance, real estate and business services, and community, social and personal services had the fastest growth in net output (both by an annual average of 14 per cent in value terms). This was followed by transport, storage and communications (11 per cent), and the wholesale, retail and import/export trades, restaurants and hotels (10 per cent).

In 1998, financing, insurance, real estate and business services were still the largest contributor to GDP, accounting for 26 per cent of the total value. This was followed by the wholesale, retail and import/export trades, restaurants and hotels (with a contribution of 24 per cent to GDP), community, social and personal services (20 per cent), and transport, storage and communications (9 per cent).

Chart 4:

Gross Domestic Product by major service sector

1980

Transport, storage and

communications

Wholesale, retail, import/export trades, restaurants and hotels 21.4%

1998

Transport, storage and

communications

9.3%

Wholesale, retail, import/export trades, restaurants and hotels 24.0%

Financing, insurance,

real estate

and business

services

23.0%

7.4%

Community, social and

personal services 12.1%

Others 36.1%

Financing, insurance,

real estate

and business

services 25.6%

Others

21.3%

Community, social and personal services 19.9%

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

Yet in terms of employment, the wholesale, retail and import/export trades, restaurants and hotels were the largest contributor, accounting for 32 per cent of the total employment in 1999. This was followed by community, social and personal services (with a share of 24 per cent), financing, insurance, real estate and business services (15 per cent), and transport, storage and communications (12 per cent).

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