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Business receipts in value terms of most of the major service industries showed increases of different magnitudes in the first quarter of 2012 when compared with the first quarter of 2011, according to the provisional figures of business receipts indices released today (June 11) by the Census and Statistics Department (C&SD).
Comparing the first quarter of 2012 with the first quarter of 2011, double-digit increases were recorded in the business receipts of the warehousing and storage (+31.5%); retail (+15.8%); insurance (+13.7%) and courier (+11.4%) industries.
On the other hand, two major service industries, namely, import/export trade (-4.1%) and the financing (except banking) industry (-1.6%) recorded decreases in business receipts during the same period.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain continued to register significant year-on-year growth (+19.2%) in the first quarter of 2012, alongside with the continued growth in inbound tourism. During the same period, business receipts of the computer and information technology services domain increased by 14.7% when compared with the first quarter of 2011.
On a seasonally adjusted quarter-to-quarter comparison, more than half of the major service industries recorded increases in business receipts of different magnitudes in the first quarter of 2012 when compared with the fourth quarter of 2011. Business receipts of the warehousing and storage industry as well as the banking industry increased more significantly, by 25.0% and 16.3% respectively. On the other hand, a few major service industries recorded marginal to moderate quarter-to-quarter decreases.
Comparing the first quarter of 2012 with the fourth quarter of 2011, business receipts of the computer and information technology services domain increased by 11.1% while those of the tourism, convention and exhibition services domain decreased slightly 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 first quarter of 2012 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 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, First Quarter 2012". 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/Monday, June 11, 2012
Issued at HKT 16:30
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