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Business receipts in value terms of all major service industries showed increases of different magnitudes in the first quarter of 2011 when compared with the first quarter of 2010, according to the provisional figures of business receipts indices released today (June 10) by the Census and Statistics Department (C&SD).
The Hong Kong economy stayed buoyant in the first quarter of 2011. Comparing the first quarter of 2011 with the first quarter of 2010, the courier industry recorded the largest increase in business receipts (+26.6%) alongside the robust business activities. Other major service industries that recorded more significant increases in business receipts included the accommodation (mainly referring to services provided by hotels) (+23.3%), banking (+23.0%), import/export trade (+22.8%), retail (+21.0%) and wholesale (+20.9%) industries.
Analysed by service domain, business receipts of the computer and information technology services domain increased significantly by 29.2% in the first quarter of 2011 when compared with the first quarter of 2010, mainly due to the rise in the trading of computer and related products. During the same period, business receipts of the tourism, convention and exhibition services domain also increased by 17.7%. The increase was mainly attributable to the increases in the number of incoming visitor arrivals and tourist spending in Hong Kong.
On a seasonally adjusted quarter-to-quarter comparison, most of the major service industries recorded increases in business receipts in the first quarter of 2011 when compared with the fourth quarter of 2010. Business receipts of the courier and import/export trade industries increased more significantly, by 13.0% and 10.4% respectively. On the other hand, the decrease in business receipts was most significant in the financing (except banking) industry (-15.7%).
Comparing the first quarter of 2011 with the fourth quarter of 2010, business receipts of the computer and information technology services domain and the tourism, convention and exhibition services domain increased by 12.0% and 6.1% respectively on a seasonally adjusted basis.
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 based on the seasonally adjusted series.
The revised figures of business receipts indices for the first quarter of 2011 will be released at the website of the C&SD (www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp) and relevant publications of the C&SD starting from July 22, 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.
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) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.
As from the first quarter of 2011, the quarter-to-quarter rates of change in the business receipts indices of selected service industries/domains are derived based on the seasonally adjusted series to reflect the underlying trend of business receipts. These seasonally adjusted business receipts indices are compiled using the X-12 ARIMA method, which is a standard method applied in compiling seasonally adjusted statistical data series.
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, First Quarter 2011". 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).
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, June 10, 2011
Issued at HKT 16:32
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