Business receipts value up YoY in Q4 2024

A double-digit increase was recorded in financing, insurance, and transportation.

Business receipts in value terms of most major service industries increased year-on-year in the fourth quarter of 2024, according to the Census and Statistics Department.

Double-digit increases were recorded in the indices of financing (excluding banking) (+36.3%), insurance (+17.9%), and transportation (+10.6%).

The computer and information technology services domain rose 21.4%, whilst tourism, convention, and exhibition services increased 4.3%. Meanwhile, the wholesale industry saw an 8.3% decline.

On a seasonally adjusted quarter-to-quarter basis, around half of the major service industries recorded increases. Financing (excluding banking) (+20.9%) and accommodation services (+17.5%) saw the largest gains, while the banking sector fell 3.8%.

For the full year, transportation (+13.8%), financing (excluding banking) (+12.5%), and insurance (+12.2%) recorded double-digit growth. The computer and information technology services domain saw the strongest gain at 52.2%, while tourism, convention, and exhibition services increased 7%. Retail business receipts declined 7.3% from 2023.

A government spokesperson expects further expansion, citing stable global economic conditions, China’s policy support, and local economic initiatives, though U.S. trade protectionism could pose challenges for some industries.