Business receipts in value terms of most of the major service industries showed increases of varying magnitudes in the second quarter of 2024 when compared with the second quarter of 2023, according to the provisional figures of business receipts indices released today (September 9) by the Census and Statistics Department (C&SD).
Comparing the second quarter of 2024 with the second quarter of 2023, double-digit increase was recorded in business receipts index of the transportation (+14.7%) industry. On the other hand, the retail industry recorded a decrease of 11.9% in business receipts index during the same period.
Analysed by service domain, business receipts index of the computer and information technology services domain increased by 85.4% year-on-year during the same period, whereas that of the tourism, convention and exhibition services domain decreased by 6.9% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of many major service industries recorded decreases of varying magnitudes in the second quarter of 2024 when compared with the first quarter of 2024. In particular, double-digit decreases were recorded in business receipts indices of the accommodation services (-17.2%) and insurance (-12.8%) industries. On the other hand, business receipts index of the financing (except banking) industry increased by 7.3% during the same period.
Analysed by service domain, comparing the second quarter of 2024 with the first quarter of 2024 on a seasonally adjusted basis, business receipts index of the tourism, convention and exhibition services domain decreased by 14.7%, while that of the computer and information technology services domain also decreased by 3.5%.
Commentary
A Government spokesman said that business of most service industries improved in the second quarter of 2024 over a year earlier. In particular, business receipts of the transportation industry showed a double-digit increase.
Looking ahead, business of the service industries as a whole should continue to grow, but performance of individual industries may vary. The Central Government's various measures benefitting Hong Kong, the Hong Kong Special Administrative Region Government's strenuous efforts to boost market sentiment and rising employment earnings should render support. However, the changing consumption pattern of residents and visitors would continue to pose challenges. Uncertainties in the external environment, including geopolitical tensions and global economic and interest rates outlook, also remain.
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 second quarter of 2024 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=660-69001) on October 18, 2024.
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 of the services (only those involving visitors as customers) 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 relevant industry classes.
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Second Quarter 2024". Users can browse and 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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