Quarterly business receipts indices for service industries for second quarter of 2022
Comparing the second quarter of 2022 with the second quarter of 2021, double-digit increases were recorded in business receipts of the accommodation services (+43.5%) and transportation (+26.4%) industries. On the other hand, the financing (except banking) industry recorded a decrease of 15.7% in business receipts during the same period.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased by 53.0% year-on-year during the same period, while those of the computer and information technology services domain also increased by 7.3% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of most of the major service industries recorded increases of different magnitudes in the second quarter of 2022 when compared with the first quarter of 2022. In particular, double-digit increases were recorded in business receipts of the accommodation services (+67.4%), food services (+51.0%), retail (+16.3%), and real estate (+13.1%) industries. On the other hand, business receipts of the insurance industry decreased by 9.7% during the same period.
Comparing the second quarter of 2022 with the first quarter of 2022 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain increased by 65.0%, whereas those of the computer and information technology services domain decreased by 6.6%.
A Government spokesman said that business receipts of many major service industries improved in the second quarter of 2022, thanks to the generally moderated local epidemic situation and relaxed social distancing measures as well as the Government's various support measures. Yet, the extents of improvement in some industries were constrained by the worsened external environment and tightened financial conditions, and some other industries saw deterioration in business.
Business receipts of many major service industries recorded year-on-year increases in the second quarter, notably accommodation services, water transport and air transport, though this was partly attributed to a low base of comparison (particularly for accommodation services) or surging output prices (particularly for water transport and air transport). Business receipts of food services and film entertainment saw visibly narrowed declines. On the other hand, business receipts of insurance turned to a decrease, and those of financing (except banking), courier, and warehousing and storage saw widened declines. On a seasonally adjusted quarter-to-quarter comparison, business receipts of most major service industries increased.
Looking ahead, the spokesman pointed out that the markedly deteriorating global economic situation will weigh heavily on externally-oriented service industries. While improving labour market conditions and the Phase II Consumption Voucher Scheme should render support to domestic demand, tightened financial conditions may pose a constraint. The development of the local epidemic may also have bearings on economic activities. It is vital for the community to work in unison with the Government to bring the epidemic under control. The Government will continue to monitor the situation closely.
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 2022 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 18, 2022.
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 convention and exhibition organisers, short-term accommodation services and services of travel agents, and some (those involving visitors as customers) 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 2022". Users can download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080006&scode=520).
For enquiries about the business receipts indices, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7267 or e-mail: email@example.com).
Ends/Thursday, September 8, 2022
Issued at HKT 16:30
Issued at HKT 16:30