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Business receipts in value terms of all the major service industries showed increases of different magnitudes in the first quarter of 2010 when compared with the first quarter of 2009, according to the provisional figures of business receipts indices released today (June 11) by the Census and Statistics Department (C&SD).
Economic recovery in Hong Kong became increasingly entrenched in the first quarter of 2010. As a result of this and also coupled with the low base of comparison in the first quarter of 2009 due to the impact of the financial tsunami, many of the major service industries recorded significant year-on-year increases in business receipts in the first quarter of 2010. The increase in business receipts was more prominent in the financing (except banking) industry (+54.9%). Other major service industries that recorded significant increases in business receipts of over 20% included the courier (+34.4%), wholesale (+33.0%), import and export (+24.5%), and real estate (+20.2%) industries.
Analysed by service domain, business receipts of the computer and information technology services domain increased significantly by 23.6% in the first quarter of 2010 when compared with the first quarter of 2009. The increase was mainly attributable to the rise in the trading of computer and related products. During the same period, the tourism, convention and exhibition services domain also recorded a similar growth in business receipts (+21.7%) due to the notable increases in the number of incoming visitor arrivals and tourist spending in Hong Kong.
Comparing the first quarter of 2010 with the fourth quarter of 2009, business receipts of most of the major service industries recorded decreases of different magnitudes. The courier industry recorded the largest decrease in business receipts (-12.1%), followed by the real estate industry (-9.6%) and the import and export trade industry (-9.0%). On the other hand, a noticeable quarter-to-quarter growth was recorded in the retail industry (+7.8%), mainly due to the further pick-up in inbound tourism and consumer spending. It should be noted that the above comparison was affected by seasonal factors to some extent.
Table 1 presents the provisional figures of business receipts indices for selected service industries and service domains for the first quarter of 2010, while Table 2 shows the time series of the business receipts indices for the recent five quarters.
The revised business receipts indices for the first quarter of 2010 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 July 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 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, First Quarter 2010". 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/Friday, June 11, 2010
Issued at HKT 16:30
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