Service industries in Hong Kong show diverse performance in Q3 2023, boosted by inbound tourism and private consumption

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8th December 2023 – (Hong Kong) According to the provisional figures released by the Census and Statistics Department (C&SD) today, business receipts in several major service industries in Hong Kong experienced varying levels of growth in the third quarter of 2023 compared to the same period in 2022.

During the third quarter of 2023, significant double-digit increases were observed in the 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. Conversely, the transportation industry witnessed a decline of 19.6% in its business receipts index for the same period.

When analyzed by service domain, the business receipts index of the tourism, convention, and exhibition services domain saw a remarkable year-on-year increase of 350.8% during the third quarter of 2023. Similarly, the computer and information technology services domain experienced a substantial year-on-year growth of 71.9%.

On a seasonally adjusted quarter-to-quarter basis, approximately half of the major service industries recorded varying degrees of growth in business receipts during the third quarter of 2023 compared to the second quarter of the same year. Notably, the courier industry and the administrative and support services industry saw increases of 6.0% and 4.6% respectively in their business receipts indices. Conversely, the real estate industry witnessed a decrease of 12.0% in its business receipts index for the same period.

When examined by service domain, the computer and information technology services domain demonstrated a significant quarter-to-quarter increase of 54.2% in its business receipts index during the third quarter of 2023, while the tourism, convention, and exhibition services domain experienced a modest increase of 2.5%.

A Government spokesman commented on the findings, stating that many service industries in Hong Kong continued to exhibit positive growth in the third quarter of 2023, primarily due to the ongoing recovery of inbound tourism and increased private consumption. However, some service industries faced challenges within the external environment, resulting in a decline in business.

The accommodation services, banking, land transport, administrative and support services, retail, and food services industries notably achieved year-on-year increases in their business receipts during the third quarter of 2023. Conversely, the water transport industry experienced a decrease in business receipts.