Business receipts of service industries rise in double-digits in Q3

Amongst industries, transportation had the highest growth, jumping 76.5% YoY.

Business receipts in value terms in all major service industries posted double-digit growth in the third quarter of 2021 when compared with the same period in 2020.

Based on the latest data from Census and Statistics Department (CS&D), transportation had the highest increase, jumping 76.5% year-on-year (YoY), followed by food services (43.8%), accommodation services (43.7%), import/export trade (22.4%), financing except banking (19.2%), warehousing and storage (18.9%), and wholesale (15.4%).

Across service domains, tourism, convention and exhibition services had the higher increase for the quarter, jumping 47% YoY; meanwhile, the computer and information technology services increased by 21.8%.

A government spokesman attributed the YoY increases of business receipts of service industries to the “further revival of global economic activity, stable local epidemic situation and additional support to local consumption activities from the Consumption Voucher Scheme.”

The spokesman added that if the COVID-19 situation remains under control, Hong Kong “economy should continue to recover and business receipts of various industries should improve further.”