It is due to the phenomenon of over-voltage. Experimentally, it is observed that the actual voltage required for electrolysis is greater than that calculated from standard potentials. This addition voltage required is called over-voltage. It is required because the rate of transfer of electrons at the interface of electrode and solutions for both half reactions is slow. The over-voltage required for formation of oxygen is much larger than that required for the formation of chlorine. Hence, chlorine gas which is liberated in the electrolysis of aqueous NaCl.