Quarterly business receipts indices for service industries for third quarter of 2023
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Comparing the third quarter of 2023 with the third quarter of 2022, double-digit increases were recorded in business receipts indices of the accommodation services (+45.4%), banking (+18.3%), administrative and support services (+16.1%), retail (+14.5%), and food services (+12.5%) industries. On the other hand, the transportation industry recorded a decrease of 19.6% in business receipts index during the same period.
Analysed by service domain, business receipts index of the tourism, convention and exhibition services domain increased by 350.8% year-on-year during the same period, while that of the computer and information technology services domain also increased by 71.9% 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 increases of varying magnitudes in the third quarter of 2023 when compared with the second quarter of 2023. In particular, business receipts indices of the courier, and administrative and support services industries increased by 6.0% and 4.6% respectively. On the other hand, business receipts index of the real estate industry decreased by 12.0% during the same period.
Analysed by service domain, comparing the third quarter of 2023 with the second quarter of 2023 on a seasonally adjusted basis, business receipts index of the computer and information technology services domain increased by 54.2%, while that of the tourism, convention and exhibition services domain also increased by 2.5%.
Commentary
A Government spokesman said that business of many service industries continued to improve in the third quarter of 2023, thanks to the ongoing revival of inbound tourism and private consumption. Yet, business of some service industries declined amid the challenging external environment.
Business receipts of many service industries continued to attain year-on-year increases in the third quarter of 2023, notably the accommodation services, banking, land transport, administrative and support services, retail, and food services industries. On the other hand, business receipts of some service industries decreased, notably the water transport industry.
Looking ahead, the expected further recovery of inbound tourism and private consumption should continue to render support to the related service industries in the near term. Yet, the still unfavourable external environment will continue to weigh on some service industries, particularly those that are more externally-oriented.
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 third quarter of 2023 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=660-69001) on January 18, 2024.
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 of the services (only those involving visitors as customers) 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 relevant industry classes.
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Third 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: business-receipts@censtatd.gov.hk).
Ends/Friday, December 8, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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