Q3 Hong Kong Finance Industry Receipts Up 100%

by Mary SWire, for LawAndTax-News.com, Hong Kong

11 December 2007

According to figures released by the Census & Statistics Department on Monday, the business receipts of all service industries in Hong Kong rose in value in the third quarter this year over the same period last year.

Among them, finance-industry business receipts rose 100.1%, those for banking 47.7%, and those for insurance industries 41.8%.

The Department explained that the rise was attributable to the buoyant local stock market, the continuous growth of the banking industry's non-interest income, and the growth in life-insurance business.

Other service industries which recorded notable increases in business receipts included: real estate (+27.8%), hotels (+15.7%), restaurants (+15.1%), wholesale/retail (+13.6%), business services (+12%), storage (+12%) and transport (+11.6%).

Analysed by service domain, business receipts of the tourism, convention and exhibition services domain grew 17.6%, while that of computer and information services rose 1.6%.

Comparing the third quarter with the second quarter, the business receipts of most service industries also recorded increases. Larger rises were recorded in the finance (+21.1%), import and export trade (+12.2%), transport (+12%) and film entertainment (+10.2%) industries.

Among service industries which recorded decreases in business receipts, a larger drop was recorded in the hotels industry (-1.3%).

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