Hong Kong Finance Sector Receipts Up Almost 50%

by Mary Swire, Tax-News.com, Hong Kong

14 March 2007

Hong Kong's financing sector, excluding banking, saw business receipts rise 47.9% last year over 2005, thanks in large part to the buoyant local stock market, the Census and Statistics Department has announced.

Other service industries that recorded larger increases in business receipts included insurance (21.3%), banking (19.6%), business services (19.5%), hotels (13.8%), transport (10.6%), import and export trade (10.1%) and storage services (10.1%).

Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased 13%, while those of the computer and information services domain rose 9.8%.

Comparing the fourth quarter with a year earlier, business receipts of all surveyed service industries increased.

Larger increases were observed in the financing (except banking) (58.3%), banking (24.2%), business services (17.9%), insurance (15.9%), storage (15.1%), hotels (11.6%), restaurants (11.1%) and import and export trade (10.7%) sectors.

Comparing the fourth quarter with the third quarter, business receipts of most service industries increased. Larger increases were observed in the financing (except banking) (38.2%), hotels (37.9%), banking (21%) and insurance (18.9%) industries.

Recommended