Quarterly business receipts indices for service industries for second quarter of 2023
Comparing the second quarter of 2023 with the second quarter of 2022, double-digit increases were recorded in business receipts of the accommodation services (+45.5%), banking (+31.0%), food services (+24.3%), retail (+17.5%), and administrative and support services (+16.0%) industries. On the other hand, double-digit decreases were recorded in business receipts of the transportation (-24.9%), import/export trade (-14.2%), courier (-13.4%) and wholesale (-12.4%) industries during the same period.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased by 385.8% year-on-year during the same period, while those of the computer and information technology services domain also increased by 6.5% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of around half of the major service industries recorded decreases of different magnitudes in the second quarter of 2023 when compared with the first quarter of 2023. In particular, business receipts of the wholesale and courier industries decreased by 6.2% and 4.7% respectively. On the other hand, business receipts of the accommodation services industry increased by 15.4% during the same period.
Comparing the second quarter of 2023 with the first quarter of 2023 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain increased by 55.4%, while those of the computer and information technology services domain also increased by 11.2%.
A Government spokesman said that business of many service industries improved in the second quarter of 2023, thanks to the continued recovery of inbound tourism and local consumption demand. Yet, business of a few service industries declined amid the difficult external environment.
Business receipts of many service industries saw year-on-year increases in the second quarter of 2023, notably the accommodation services, film entertainment, banking, food services, land transport, retail, and administrative and support services industries. On the other hand, some industries saw decreases in business receipts, notably the water transport, import/export trade, courier, and wholesale industries.
Looking ahead, the revival in inbound tourism and positive local consumption sentiment should continue to bode well for the domestically-oriented service industries in the near term. The Government's various supportive measures on consumption will also help. Yet, the difficult global economic situation will continue to weigh on the externally-oriented service industries.
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 2023 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=660-69001) and relevant publications of the C&SD starting from October 19, 2023.
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 2023". Users can browse and 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 email : firstname.lastname@example.org).
Ends/Friday, September 8, 2023
Issued at HKT 16:30
Issued at HKT 16:30