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Business receipts in value terms of most of the major service industries showed increases of different magnitudes in the fourth quarter of 2009 when compared with the fourth quarter of 2008, according to the provisional business receipts indices released today (March 11) by the Census and Statistics Department (C&SD).
With the gradual fade-away of the impact of the financial tsunami, Hong Kong's financial market saw a strong revival in the fourth quarter of 2009. Comparing the fourth quarter of 2009 with the fourth quarter of 2008, the financing (except banking) and banking industries both recorded significant increases in business receipts. The former rose by some 45%, largely attributable to the strong rebound in local stock market and fund raising activities; whereas the latter went up by some 35%, mainly due to the growth of non-interest income. Besides, the low base of comparison caused by the sluggish performance in the fourth quarter of 2008 also contributed to the significant year-on-year increases for both industries.
Alongside the strong rebound in the residential property market, the real estate industry also recorded a noticeable increase in business receipts (+23.4%) in the fourth quarter of 2009 when compared with the fourth quarter of 2008. This was followed by the courier (+18.4%), insurance (+17.2%) and retail (+12.8%) industries, partly attributable to the low base of comparison in the fourth quarter of 2008.
On the other hand, the major service industries that recorded notable decreases in business receipts included the accommodation (mainly referring to services provided by hotels) (-7.8%) and transportation (-4.3%) industries.
Analysed by service domain, business receipts of the computer and information technology services domain remained almost unchanged in the fourth quarter of 2009 when compared with the fourth quarter of 2008. On the other hand, the business receipts of the tourism, convention and exhibition services domain increased by some 10% during the period in tandem with the significant increases in the number of incoming visitor arrivals and tourist spending in Hong Kong.
Comparing the fourth quarter of 2009 with the third quarter of 2009, business receipts of almost all of the major service industries recorded increases of different magnitudes. The accommodation industry (+37.4%) exhibited the best performance, followed by the courier (+17.0%), transportation (+15.5%) and retail (+12.2%) industries. On the other hand, the insurance industry recorded a slight decrease (-1.9%). It should be noted that the above comparison might be affected by seasonal factors to some extent.
For 2009 as a whole, given the year-on-year decreases observed in the first three quarters, many of the major service industries recorded decreases in business receipts when compared with 2008. More notable declines were recorded in the transportation (-19.9%) and accommodation (-17.5%) industries.
On the other hand, a double-digit growth was recorded in the real estate industry (+10.8%), mainly due to the strong rebound in the residential property market in 2009.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain remained almost unchanged in 2009 when compared with 2008. On the other hand, business receipts of the computer and information technology services domain dropped by 15.0%, mainly due to the fall in the trading of computer and related products.
Table 1 presents the provisional business receipts indices for selected service industries and service domains for the fourth quarter of 2009, while Table 2 shows the time series of the business receipts indices for the recent five quarters. Business receipts indices for the whole year of 2009 are also included in Table 2.
The revised business receipts indices for the fourth quarter of 2009 and the whole year of 2009 will be released at the website of C&SD (www.censtatd.gov.hk/hong_kong_statistics/index.jsp) and relevant publications of the C&SD starting from April 23, 2010.
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 all hotels and travel agents; and some (those involving visitors as customers) but not all of the services of restaurants, retailers and transport operators.
The classification of service industries follows the Hong Kong Standard Industrial Classification (HSIC), which is used in various economic surveys for classifying economic units into different industry classes. Upon the implementation of the new HSIC Version 2.0 by the C&SD in October 2008, the new classification has been adopted in compiling the quarterly business receipts indices. Starting from the first quarter of 2009, all business receipts indices are compiled based on the HSIC Version 2.0, and the base period of the indices has been changed to 2008 (i.e. with the quarterly average of the indices in 2008 taken as 100).
The series of business receipts indices under the HSIC Version 2.0 has also been backcasted to the first quarter of 2005. Readers who are interested in the backcasted series or have enquiries about the business receipts indices may contact the Business Services Statistics Section of the C&SD (Tel : 2802 1277 or E-mail : business-receipts@censtatd.gov.hk).
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Fourth Quarter 2009". Users can download this publication free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/commerce_and_industry/index.jsp).
Ends/Thursday, March 11, 2010
Issued at HKT 16:30
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