Financing sector records largest total receipts in 2023

Excluding banking, it increased by 2.2% year-on-year to $699.2b.

The financing industry, excluding banking, recorded the largest total receipts in 2023, the Census and Statistics Department (C&SD) reported.

It is followed by insurance, banking, information and communications, professional, scientific and technical activities, and administrative and support service activities, 

The financing industry, excluding banking, saw total receipts increase by 2.2% year-on-year (YoY) to $699.2b. However, per establishment, total receipts decreased slightly by 0.4% to $72.1m.

Operating expenses and compensation of employees rose 6.2% to $332.4b. Gross surplus and compensation of employees, combined with the value of purchases of goods for sale, dropped by 1.1% to $366.8b, representing 52.5% of total receipts.

The industry’s value added, excluding investment and holding companies, rose 0.4% to $108.4b, reflecting its contribution to Hong Kong’s GDP. This sector included around 9,700 establishments employing approximately 97,500 people, averaging 10 employees per establishment.

The insurance industry’s total receipts rose by 4.4% to $678.4b in 2023. On a per-establishment basis, total receipts grew by 3.1% to $241.8m.

Total operating expenses and compensation of employees increased by 1.7% to $65.2b. This sector had about 2,800 establishments employing approximately 85,100 people, averaging 30.3 employees per establishment.

Total receipts in the banking industry surged by 20.5% YoY to $582.1b. Per establishment, receipts increased by 25.1% to $2.8 billion. Operating expenses and compensation of employees rose to $254.8 billion.

The sector comprised 210 establishments and employed approximately 98,400 people, averaging 468.4 employees per establishment. Gross surplus and industry value-added figures were not compiled for this sector due to the unique nature of its operations.

The professional, scientific, and technical activities sector recorded total receipts of $160b in 2023, with a 1.8% decline in per-establishment receipts to $5.7m. Operating expenses and compensation of employees increased by 2% to $129.8b, whilst gross surplus fell by 11.9% to $28.7b.

Industry value added rose by 2.3% to $89.7b. The sector included about 28,000 establishments employing around 152,500 people, averaging 5.4 employees per establishment.

The administrative and support service activities sector’s total receipts grew by 25.3% to $120.2b. Operating expenses and compensation of employees rose by 23.2% to $109.2b.

Gross surplus increased to $10.2b, whilst industry value added climbed 12.4% to $60.3b. This sector consisted of approximately 11,400 establishments employing 234,600 people, averaging 20.6 employees per establishment.