Quarterly business receipts indices for service industries for second quarter of 2021
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Comparing the second quarter of 2021 with the second quarter of 2020, double-digit increases were recorded in business receipts of the accommodation services (+57.2%), transportation (+52.4%), warehousing and storage (+37.3%), import/export trade (+28.0%), financing (except banking) (+22.0%), courier (+13.3%), wholesale (+13.3%) and administrative and support services (+11.5%) industries. On the other hand, the banking industry recorded a decrease of 8.6% in business receipts during the same period.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased by 57.3% year-on-year during the same period, while those of the computer and information technology services domain also increased by 14.5% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of many major service industries recorded increases of different magnitudes in the second quarter of 2021 when compared with the first quarter of 2021. In particular, double-digit increases were recorded in business receipts of the accommodation services (+32.2%), food services (+26.9%) and transportation (+13.7%) industries. On the other hand, business receipts of the banking industry decreased by 11.7% during the same period.
Comparing the second quarter of 2021 with the first quarter of 2021 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain increased by 32.4%, whereas those of the computer and information technology services domain decreased by 3.1%.
Commentary
A Government spokesman noted that business receipts of almost all major service industries increased on a year-on-year basis in the second quarter of 2021, yet the recovery remained uneven across industries. Specifically, business receipts of import/export trade, water transport, warehousing and storage, courier, financing (except banking) rose notably. Business receipts of some other industries, including retail, land and air transport, accommodation services, food services, and administrative and support services, while showing year-on-year increases of varying degrees, remained visibly lower than their levels before the recession. Meanwhile, business receipts of banking continued to decline in the second quarter.
The spokesman further pointed out that the on-going economic recovery should help business receipts of various industries improve further in the near term. The Government's disbursement of electronic consumption vouchers, which began in August, has helped stimulate consumer sentiment and will render an additional boost to various consumption-related industries. Yet, the global pandemic is still a key source of uncertainty, as the more infectious Delta variant continues to spread in many places around the world. To help realise a full economic recovery, it is essential for the community to strive towards more widespread vaccination. The Government will continue to monitor the situation closely.
Further information
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 for the recent five quarters based on the seasonally adjusted series.
The revised figures of business receipts indices for the second quarter of 2021 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=93) and relevant publications of the C&SD starting from October 19, 2021.
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 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, Second Quarter 2021". Users can download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080006&scode=520).
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, September 10, 2021
Issued at HKT 16:30
Issued at HKT 16:30
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