Retail records 11.9% decrease in business receipts in Q2

Changing consumption patterns continues to be a major challenge.

The retail industry reported a decrease of 11.9% in business activity in the second quarter compared to a year ago despite most major service industries showing varying increases in business receipts in value terms, according to the Census and Statistics Department (C&SD).

A double-digit increase was recorded in the business receipts index of the transportation industry at 14.7% industry.  The business receipts index of the computer and information technology services domain increased by 85.4%.

On the other hand, the tourism, convention and exhibition services domain decreased by 6.9% year-on-year.

On a quarter-to-quarter (QoQ) comparison, business receipts in value terms of major service industries decreased. Double-digit declines were recorded in business receipts indices of the accommodation services (-17.2%) and insurance (-12.8%) industries. 

 A government spokesman said that business in most service industries improved in the second quarter of 2024 over a year earlier. In particular, business receipts of the transportation industry showed a double-digit increase.

The government expects the changing consumption patterns of residents and visitors will continue to pose challenges. Uncertainties in the external environment, including geopolitical tensions and global economic and interest rate outlook, also remain.