Quarterly business receipts indices for service industries for fourth quarter of 2022 and whole year of 2022
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Comparing the fourth quarter of 2022 with the fourth quarter of 2021, double-digit decreases were recorded in business receipts of the import/export trade (-21.6%), transportation (-21.5%), insurance (-14.8%), wholesale (-11.3%), and courier (-10.2%) industries. On the other hand, double-digit increases were recorded in business receipts of the banking (+43.6%), and administrative and support services (+17.9%) industries during the same period.
Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased by 47.0% year-on-year during the same period, whereas those of the computer and information technology services domain decreased by 13.5% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of many major service industries recorded increases of different magnitudes in the fourth quarter of 2022 when compared with the third quarter of 2022. In particular, a double-digit increase was recorded in business receipts of the banking (+10.4%) industry. On the other hand, double-digit decreases were recorded in business receipts of the accommodation services (-20.6%), and transportation (-13.9%) industries during the same period.
Comparing the fourth quarter of 2022 with the third quarter of 2022 and on a seasonally adjusted basis, business receipts of the tourism, convention and exhibition services domain increased by 13.7%, whereas those of the computer and information technology services domain decreased by 6.2%.
For 2022 as a whole, many major service industries recorded year-on-year decreases in business receipts. A double-digit decrease was recorded in business receipts of the financing (except banking) (-14.9%) industry. On the other hand, double-digit increases were recorded in business receipts of the accommodation services (+17.4%), administrative and support services (+10.4%), and banking (+10.2%) industries.
Analysed by services domain, business receipts of the tourism, convention and exhibition services domain increased by 39.4%, whereas those of the computer and information technology services domain decreased by 0.3% during the same period.
Commentary
A Government spokesman said that the deteriorated external environment, cross-boundary transportation disruptions and tightened financial conditions continued to weigh on business of many major service industries in the fourth quarter of 2022. Nonetheless, many domestically-related industries saw improvement in business, thanks to the gradual revival of local economic activities and disbursement of consumption vouchers.
On a seasonally adjusted quarter-to-quarter comparison, business receipts of many major service industries increased in the fourth quarter of 2022. On a year-on-year comparison, business receipts of many major service industries continued to decline, notably the import/export trade, transportation, insurance, wholesale, and courier industries. Some other industries saw increases in business receipts, notably the banking, and administrative and support services industries.
Looking ahead, while weakening growth of the advanced economies will continue to pose pressures on the externally-oriented service industries, an expected faster growth of the Mainland economy and the lifting of cross-boundary truck movement restrictions between Hong Kong and the Mainland should provide some alleviation. Meanwhile, the continued return of economic activities to normalcy and rebound in inbound tourism should support the domestically-oriented service industries.
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 fourth quarter of 2022 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 April 20, 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, Fourth 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/Monday, March 13, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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