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The Census and Statistics Department (C&SD) released today (January 18) the results of the Quarterly Business Tendency Survey for the first quarter (Q1) of 2013.
Business Situation
For all surveyed sectors taken together, the proportion of respondents expecting their business situation to be better (15%) in Q1 2013 over Q4 2012 is broadly similar to that expecting it to be worse (16%).
When compared with the results of the Q4 2012 survey round, the proportion of respondents expecting their business situation in Q1 2013 to be better than that in the preceding quarter has dropped to 15%, as compared with 20% in Q4 2012.
Analysed by sector, more respondents in the financing and insurance sector expect their business situation to be better, as compared to those expecting it to be worse, in Q1 2013 over Q4 2012. In the sectors of manufacturing; and import/export trade and wholesale, however, less respondents expect their business situation to be better, as compared to those expecting it to be worse.
A spokesman of the C&SD cautioned that the results of the survey should be interpreted with care. "In this type of survey on expectations, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents' perception of the future accords with the underlying trends." The enumeration period for this survey round was from December 4, 2012 to January 10, 2013.
Volume of business/output
Respondents in some of the surveyed sectors expect an increase in volume of business/output in Q1 2013 over Q4 2012 on balance. In particular, more respondents in the financing and insurance sector expect their volume of business to increase, as compared to those expecting it to decrease. In the import/export trade and wholesale sector, however, less respondents expect their volume of sales to increase, as compared to those expecting it to decrease.
Employment
Respondents in almost all the surveyed sectors expect their employment to remain broadly unchanged or to increase on balance in Q1 2013 as compared with Q4 2012. In particular, significantly more respondents in the sectors of information and communications; and real estate expect their employment to increase, as compared to those expecting it to decrease.
Selling price/service charge
Respondents in all the surveyed sectors expect their selling prices/service charges to remain broadly unchanged or to go up on balance in Q1 2013 as compared with Q4 2012. In particular, significantly more respondents in the construction sector expect their tender prices to go up, as compared to those expecting it to go down.
Further information
The survey gathers views on short-term business performance from the senior management of about 570 prominent establishments in various sectors in Hong Kong with a view to providing a quick reference, with minimum time lag, for predicting the short-term future economic performance of the local economy.
The survey covers ten major sectors in Hong Kong, including the manufacturing; construction; import/export trade and wholesale; retail; accommodation and food services (mainly covering services rendered by hotels and restaurants); transportation, storage and courier services; information and communications; financing and insurance; real estate; and professional and business services sectors.
Views collected in the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in; and are limited to the expected direction of quarter-to-quarter change (e.g. "up", "same" or "down") but not the magnitude of change. In collecting views on the quarter-to-quarter changes, if the variable in question is subject to seasonal variations, respondents are asked to provide the expected changes after excluding the normal seasonal variations.
Survey results are generally presented as "net balance", i.e. the difference between the percentage of respondents choosing "up" and that choosing "down". The percentage distribution of respondents among various response categories (e.g. "up", "same" and "down") reflects how varied their business expectations are. The "net balance", with its appropriate sign, indicates the direction of expected change in the variable concerned. A positive sign indicates a likely upward trend while a negative sign, a likely downward trend. However, the magnitude of the "net balance" reflects only the prevalence of optimism or pessimism, but not the magnitude of expected change, since information relating to such magnitude is not collected in the survey.
Furthermore, owing to sample size constraint, care should be taken in interpreting survey results involving a small percentage (e.g. less than 10%) of respondents in individual sectors.
Chart 1 shows the views on expected changes in business situation for the period Q1 2012 to Q1 2013.
Table 1 shows the net balances of views on expectations in respect of different variables for Q1 2013.
The survey results are published in greater detail in the "Report on Quarterly Business Tendency Survey, Q1 2013". Users can download the publication free of charge from the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp300.jsp?productCode=B1110008).
Users who have enquiries about the survey results may contact the Business Expectation Statistics Section of the C&SD (Tel.: 2805 6112 or e-mail: business-prospects@censtatd.gov.hk).
Ends/Friday, January 18, 2013
Issued at HKT 16:30
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