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Business receipts in value terms of around half of the major service industries showed decreases of different magnitudes in the first quarter of 2016 when compared with the first quarter of 2015, according to the provisional figures of business receipts indices released today (June 10) by the Census and Statistics Department (C&SD).
Comparing the first quarter of 2016 with the first quarter of 2015, the retail industry and financing (except banking) industry recorded double-digit decreases of 12.5% and 11.0% in business receipts respectively. The banking industry and import/export trade industry also saw decreases of 9.6% and 9.5% in business receipts respectively.
On the other hand, the warehousing and storage industry recorded a double-digit increase of 14.8% in business receipts during the same period, while business receipts of the insurance industry and information and communications industry also increased by 8.4% and 7.1% respectively.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain decreased by 13.3% year-on-year during the same period, while those of the computer and information technology services domain also decreased by 3.6% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of most of the major service industries recorded decreases of different magnitudes in the first quarter of 2016 when compared with the fourth quarter of 2015. In particular, business receipts of the financing (except banking) industry and retail industry decreased by 11.1% and 8.0% respectively. On the other hand, amongst those major service industries which recorded increases in business receipts, the insurance industry saw an increase of 5.6%.
Comparing the first quarter of 2016 with the fourth quarter of 2015 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain decreased by 7.3%, while those of the computer and information technology services domain also decreased by 6.9%.
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 2016 will be released at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp70.jsp?subjectID=7&tableID=093&ID=0&productType=8) and relevant publications of the C&SD starting from July 19, 2016.
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 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 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 2016". Users can download this publication free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp70.jsp?productCode=B1080006).
Members of the public who have enquiries about the business receipts indices may contact the Business Services Statistics Section of the C&SD (Tel: 3903 7267 or email: business-receipts@censtatd.gov.hk).
Ends/Friday, June 10, 2016
Issued at HKT 16:32
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