Major service industries show promising growth in business receipts, government reports

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11th June 2024 – (Hong Kong) According to the latest figures released by the Census and Statistics Department (C&SD), major service industries have displayed promising growth in business receipts during the first quarter of 2024 compared to the same period in 2023. Notably, the accommodation services, insurance, transportation, and administrative services industries experienced double-digit increases in their business receipts indices, while financing encountered a slight decline. The computer and information technology services domain witnessed an extraordinary surge of 108.6% year-on-year, and the tourism sector, including conventions and exhibitions, also showcased a significant increase of 47.0%.

Furthermore, on a seasonally adjusted quarter-to-quarter comparison, almost all major service industries recorded varying magnitudes of growth in business receipts during the first quarter of 2024, compared to the fourth quarter of 2023. The insurance, accommodation services, and transportation sectors stood out with double-digit increases, while the food services industry experienced a minor decline. The computer and information technology services domain witnessed a notable rise of 15.4%, and the tourism sector, including conventions and exhibitions, showed a positive growth of 4.6%.

The Government spokesperson expressed optimism, stating that the majority of service industries demonstrated continuous improvement during the first quarter of 2024. The growing economy, combined with rising employment income and government initiatives to boost market sentiment, is expected to provide ongoing support to various service sectors. However, changing consumption patterns and geopolitical uncertainties may pose challenges for some industries, particularly those affected by prolonged financial constraints.