Retail industry records biggest rise in business receipts

Boost was from what was described as “vibrant” local consumption demand and tourist spending.

The Census and Statistics Department said, “The Hong Kong economy stayed buoyant in the second quarter of 2011. Comparing the second quarter of 2011 with the second quarter of 2010, the retail industry recorded the largest increase in business receipts (+28.1%) due to vibrant local consumption demand and tourist spending. Other major service industries that recorded more significant increases in business receipts included the courier (+22.5%), accommodation (mainly referring to services provided by hotels) (+21.0%) and financing (except banking) (+20.7%) industries.”

Meanwhile, business receipts of the tourism, convention and exhibition services domain increased significantly by 25.6% in the second quarter of 2011 when compared with the second quarter of 2010, mainly due to the increases in the number of incoming visitor arrivals and tourist spending in Hong Kong. During the same period, business receipts of the computer and information technology services domain increased by 4.9%.

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.