Business receipts of major service industries drop double digits in Q1

Food services had the biggest decline at 23.1% YoY.

Business receipts of major service industries dropped double digits in the first quarter of 2022, led by food services which declined by $23.1 year-on-year (YoY), data from Census and Statistics Department (C&SD) showed.

Other industries which saw a decline in the first quarter (Q1) were financing services, excluding banking (-15.7%), and real estate (-13.3%).

On the other hand, transportation (+37.9%) and accommodation services (+14.2%) had a double-digit jump in their business receipts.

According to C&SD, the increases recorded in these industries were either due to low bases of comparison or surging output prices.

Looking at service domains, business receipts in Q1 saw improvements, with tourism, convention and exhibition services seeing a 10.4% YoY jump, and computer and information technology services increased by 12.7% YoY.

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