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Business receipts in value terms of all major service industries showed increases of different magnitudes in the fourth quarter of 2010 when compared with the fourth quarter of 2009, according to the provisional figures of business receipts indices released today (March 11) by the Census and Statistics Department (C&SD).
The Hong Kong economy remained robust in the fourth quarter of 2010. Comparing the fourth quarter of 2010 with the fourth quarter of 2009, the financing (except banking) industry recorded the largest increase in business receipts (+27.0%) alongside the sharp revival in the turnover of the local stock market and intensive fund-raising activities in the fourth quarter of 2010. Other major service industries that recorded more significant increases in business receipts included the accommodation (mainly referring to services provided by hotels) (+24.8%), banking (+20.0%) and retail (+19.4%) industries.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased considerably by some 31% in the fourth quarter of 2010 when compared with the fourth quarter of 2009, mainly due to the significant increases in the number of incoming visitor arrivals and tourist spending in Hong Kong. During the same period, business receipts of the computer and information technology services domain also increased by some 28%. The increase was mainly attributable to the rise in the trading of computer and related products.
Comparing the fourth quarter of 2010 with the third quarter of 2010, almost all the major service industries recorded increases in business receipts of different magnitudes. Business receipts of the accommodation and financing (except banking) industries increased considerably by 37.5% and 31.6% respectively. On the other hand, business receipts of the wholesale and import/export trade industries decreased by 3.8% and 3.2% respectively. It should be noted that the above comparison was affected by seasonal factors to some extent.
For 2010 as a whole, given the strong upturn in the economy, all major service industries recorded year-on-year increases in business receipts. More notable increases in business receipts were recorded in the courier (+28.3%), wholesale (+25.1%), accommodation (+24.8%) and transportation (+24.6%) industries.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain in 2010 increased considerably by 35.7% over a year earlier. Business receipts of the computer and information technology services domain also increased by 32.4%.
Table 1 presents the provisional figures of business receipts indices for selected service industries and service domains for the fourth quarter of 2010, 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 2010 are also included in Table 2.
The revised figures of business receipts indices for the fourth quarter of 2010 and the whole year 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 April 21, 2011.
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.
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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.
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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 business receipts indices for service industries. 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).
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More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Fourth 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).
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Readers who 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).
Ends/Friday, March 11, 2011
Issued at HKT 16:32
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