ENG-2000 — Page 79

THE ECONOMY

followed by offshore trading and purchasing/merchandising services (8 per cent), and financial and banking services (5 per cent).

Comparing 1999 with 1989, the net output or value-added of the services sector grew markedly, by an annual average of 10 per cent in value terms. Amongst the major constituent sectors, community, social and personal services had the fastest growth in net output (averaging at 13 per cent per annum). This was followed by financing, insurance, real estate and business services (11 per cent), transport, storage and communications (9 per cent), and the wholesale, retail and import/export trades, restaurants and hotels (9 per cent).

Ranked in terms of size of value-added contribution to GDP, the wholesale, retail and import/export trades, restaurants and hotels were the most important contributor in 1999, accounting for 25 per cent of the total. This was greatly aided by the robust performance of external trade and inbound tourism in that year. Financing, insurance, real estate and business services slipped back to the second place, with a share of 23 per cent. Community, social and personal services, and transport, storage and communications remained in the third and fourth places, with respective shares of 22 per cent and 10 per cent.

Chart 4

Gross Domestic Product by major service sector

Transport, storage and

communications

7.4%

Financing,

insurance,

real

estate and

business

services

23.0%

1980

Wholesale, retail and import/export trades,

restaurants and hotels 21.4%

Transport, storage and communications

9.6%

1999

Wholesale, retail and import/export trades, restaurants and hotels 25.2%

Others

20.4%

Community, social and personal services 12.1%

Others 36.1%

Financing, insurance, real estate and business services

23.2%

Community, social and personal services 21.5%

Amongst the major constituent sectors, the wholesale, retail and import/export trades, restaurants and hotels, together with financing, insurance, real estate and business services, were the two largest contributors to GDP.

Measured in terms of employment, the wholesale, retail and import/export trades, restaurants and hotels again topped the list, accounting for nearly one-third of the total employment in 2000. This was followed by community, social and personal services (with a share of 24 per cent), financing, insurance, real estate and business services (14 per cent), and transport, storage and communications (11 per cent).

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