ENG-2002 — Page 72

THE ECONOMY

2001. Transportation was in second place (with a share of 26 per cent), followed by offshore trading and purchasing/merchandising services (6 per cent), and financial and banking services (3 per cent).

Between 1991 and 2001, net output or value-added of the services sector as a whole rose visibly, by an annual average of 8 per cent in value terms. Amongst the major constituent sectors, net output of community, social and personal services had the fastest growth (at an average annual rate of 11 per cent). This was followed by transport, storage and communications; the wholesale, retail and import/export trades, restaurants and hotels; and financing, insurance, real estate and business services (at an average annual rate of 7 per cent each).

In 2001, the wholesale, retail and import/export trades, restaurants and hotels continued to render the largest value-added contribution to GDP, with a share of 27 per cent. This was followed by financing, insurance, real estate and business services (at 23 per cent), community, social and personal services (22 per cent), and transport, storage and communications (10 per cent) (Chart 4).

Chart 4

Transport, storage and communications

7.4%

Financing,

insurance,

real estate

and

business

Gross Domestic Product by major service sector

1981

Wholesale, retail and import/export trades, restaurants and hotels 20.3%

Transport, storage and communications

10.2%

2001

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

26.7%

Others 18.7%

services

23.9%

Others 35.6%

Financing, insurance,

real estate

Community, social and personal services 12.9%

and

business

services 22.6%

Community, social and personal services 21.8%

44

Over the past two decades, community, social and personal services had a more distinct increase in net output than most of the other service sectors. Yet ranked in terms of value-added contribution to GDP, the wholesale, retail and import/export trades, restaurants and hotels, together with financing, insurance, real estate and business services, were the two largest service sectors in 2001.

In terms of employment, the wholesale, retail and import/export trades, restaurants and hotels sector was again the largest, accounting for 32 per cent of the total employment in the first three quarters of 2002. This was followed by community, social and personal services (with a share of 26 per cent), financing, insurance, real estate and business services (15 per cent), and transport, storage and communications (11 per cent) (Chart 5).