Business receipts in value terms of all major service industries showed increases of different magnitudes in the third quarter of 2021 when compared with the third quarter of 2020, according to the provisional figures of business receipts indices released today (December 10) by the Census and Statistics Department (C&SD).
Comparing the third quarter of 2021 with the third quarter of 2020, double-digit increases were recorded in business receipts of the transportation (+76.5%), food services (+43.8%), accommodation services (+43.7%), import/export trade (+22.4%), financing (except banking) (+19.2%), warehousing and storage (+18.9%), and wholesale (+15.4%) industries.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased by 47.0% year-on-year during the same period, while those of the computer and information technology services domain also increased by 21.8% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of most of the major service industries recorded increases of different magnitudes in the third quarter of 2021 when compared with the second quarter of 2021. In particular, double-digit increases were recorded in business receipts of the accommodation services (+23.7%) and transportation (+19.3%) industries. On the other hand, business receipts of the warehousing and storage industry decreased by 1.8% during the same period.
Comparing the third quarter of 2021 with the second quarter of 2021 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain increased by 18.3%, while those of the computer and information technology services domain also increased by 7.4%.
Commentary
A Government spokesman noted that thanks to the further revival of global economic activity, stable local epidemic situation and additional support to local consumption activities from the Consumption Voucher Scheme, business receipts of all major service industries increased on a year-on-year basis in the third quarter of 2021. A low base of comparison was also relevant in some service industries.
Specifically, business receipts of import/export trade, water transport, warehousing and storage, financing (except banking) continued to rise notably. Business receipts of some other industries, including retail, land and air transport, accommodation services, food services, banking, and administrative and support services, also showed year-on-year increases of varying degrees, yet they were still lower than the pre-recession levels.
The spokesman further pointed out that in the near term, as long as the local epidemic situation remains under control, the economy should continue to recover and business receipts of various industries should improve further. Meanwhile, the Consumption Voucher Scheme will continue to provide support to various consumption-related industries. Yet, the global pandemic is still a key source of uncertainty, particularly in view of the recent emergence of the Omicron variant. This, coupled with the supply bottlenecks in many economies, may drag global economic growth for a while. To strengthen the foundation for a broad-based economic recovery, it is essential for the community to strive towards more widespread vaccination and abide by the anti-epidemic measures.
Further information
Table 1 presents the business receipts indices and their corresponding year-on-year rates of change in respect of selected service industries and service domains for the recent five quarters, while Table 2 shows the corresponding quarter-to-quarter rates of change in the business receipts indices for the recent five quarters based on the seasonally adjusted series.
The revised figures of business receipts indices for the third quarter of 2021 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=93) and relevant publications of the C&SD starting from January 18, 2022.
Data for compiling the business receipts indices are mainly based on the Quarterly Survey of Service Industries conducted by the C&SD, supplemented by relevant data provided by the Hong Kong Monetary Authority and the Hong Kong Tourism Board.
A service domain differs from a service industry in that it comprises those economic activities which straddle different industries but are somehow related to a common theme. It may include all activities carried out by all establishments in a service industry that is closely related to the domain. For a service industry that is less closely related, however, only a portion of the establishments in the industry or even only part of the economic activities of the establishments is related to the domain. Taking the tourism, convention and exhibition services domain as an example, it includes all services of convention and exhibition organisers, short-term accommodation services and services of travel agents, and some (those involving visitors as customers) of the services of restaurants, retailers and transport operators.
The classification of service industries follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Third Quarter 2021". Users can download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080006&scode=520).
For enquiries about the business receipts indices, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7267 or e-mail: business-receipts@censtatd.gov.hk).
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