Quarterly business receipts indices for service industries for first quarter of 2022
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Comparing the first quarter of 2022 with the first quarter of 2021, double-digit decreases were recorded in business receipts of the food services (-23.1%), financing (except banking) (-15.7%) and real estate (-13.3%) industries. On the other hand, double-digit increases were recorded in business receipts of the transportation (+37.9%) and accommodation services (+14.2%) industries during the same period.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased by 10.4% year-on-year during the same period, while those of the computer and information technology services domain also increased by 12.7% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of most of the major service industries recorded decreases of different magnitudes in the first quarter of 2022 when compared with the fourth quarter of 2021. In particular, double-digit decreases were recorded in business receipts of the food services (-40.2%), accommodation services (-26.0%), retail (-14.8%), wholesale (-12.3%), warehousing and storage (-10.9%) and courier (-10.3%) industries. On the other hand, a double-digit increase was recorded in business receipts of the banking industry (+14.0%) during the same period.
Comparing the first quarter of 2022 with the fourth quarter of 2021 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain decreased by 26.9%, whereas those of the computer and information technology services domain increased by 3.6%.
Commentary
A Government spokesman said that in the first quarter of 2022 business receipts of most major service industries were hit by the slower growth in global demand, epidemic-induced cross boundary transportation disruptions, and sharp weakening in domestic economic activities amid the austere local epidemic situation.
Business receipts of about half of the service industries fell on a year-on-year comparison, notably food services, film entertainment and financing. For many service industries that registered increases in business receipts, the increases were either due to low bases of comparison (such as the accommodation services, insurance, and administrative and support services industries) or surging output prices (in particular the water transport and air transport industries). On a seasonally adjusted quarter-to-quarter comparison, business receipts of most service industries declined, with double digit decreases seen in the film entertainment, food services, accommodation services, retail, air transport, wholesale, land transport, warehousing and storage, and courier industries.
The spokesman pointed out that local consumption activities and business sentiment have shown notable improvement more recently thanks to the moderating local epidemic and the gradual relaxation of social distancing measures. The Consumption Voucher Scheme and other support measures rolled out by the Government have also helped. While the worsened global economic outlook may continue to weigh on the business of externally-oriented service industries in the near term, the business of domestically-oriented service industries should revive further provided that the local epidemic situation remains under control. It is essential for the community to continue to stay alert and work in unison with the Government to keep the epidemic contained. 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 first 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 July 19, 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, First 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 email: business-receipts@censtatd.gov.hk).
Ends/Thursday, June 9, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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