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Business receipts in value terms of almost all the major service industries showed increases of different magnitudes in the third quarter of 2011 when compared with the third quarter of 2010, according to the provisional figures of business receipts indices released today (December 9) by the Census and Statistics Department (C&SD).
Comparing the third quarter of 2011 with the third quarter of 2010, the retail (+27.5%) and the accommodation (mainly referring to services provided by hotels) (+22.0%) industries recorded more significant increases in business receipts alongside with vibrant inbound tourism. Other major service industries that recorded increases in business receipts of more than 10% included the courier (+11.2%); insurance (+10.4%); and warehousing and storage (+10.3%) industries.
On the other hand, the real estate and financing (except banking) industries recorded year-on-year decreases in business receipts of 18.2% and 13.6% respectively in the third quarter of 2011, mainly affected by the consolidation of local residential property market; amid the sluggish recovery in the advanced economies and deterioration of European debt problems.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased significantly by 24.5% in the third quarter of 2011 when compared with the third quarter of 2010, mainly due to the 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 edged up by 0.8%.
On a seasonally adjusted quarter-to-quarter comparison, about half of the major service industries recorded decreases in business receipts of various magnitudes in the third quarter of 2011 when compared with the second quarter of 2011. Business receipts of the financing (except banking) and real estate industries decreased more significantly, by 21.6% and 19.4% respectively. On the other hand, the increases in business receipts of the accommodation (+5.7%) and retail (+4.7%) industries were more apparent amongst the major service industries.
Comparing the third quarter of 2011 with the second quarter of 2011, business receipts of the tourism, convention and exhibition services domain increased by 8.1% while those of the computer and information technology services domain decreased by 1.4% 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 third 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 January 20, 2012.
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.
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Third 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, December 9, 2011
Issued at HKT 16:35
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