Hong Kong Economy | Financial and Insurance Income Both Grew by Over 30% Last Quarter

The provisional figures for the Business Receipts Index released by the Census and Statistics Department show that in the fourth quarter of last year, compared to the same period last year, almost all major service industries measured by value experienced varying degrees of growth.

Among them, the financial industry (excluding banks) increased by 34.7%, the insurance industry by 31.9%, import and export trade by 20.1%, and the banking industry by 16%. On the other hand, warehousing and storage industries declined by 3.3%.

By service sector analysis, the Business Receipts Index for the computer and information technology services sector rose 1.02 times year-on-year, while the tourism, conference, and exhibition services sector also increased by 11.7%.

Quarterly comparison shows that most major service industries experienced varying degrees of growth in seasonally adjusted business receipts in the fourth quarter of last year. Among them, the financial industry (excluding banks) increased by 23.9%, real estate by 12.1%, and accommodation services by 10.4%. Conversely, the insurance industry fell by 8%.

By service sector analysis, seasonally adjusted business receipts for the tourism, conference, and exhibition services sector increased by 9.3%, and the computer and information technology services sector also rose by 1.6%.

Throughout the entire year of last year, most major service industries saw year-on-year growth in business receipts. Among them, the financial industry (excluding banks) increased by 32.1%, the insurance industry by 29.6%, import and export trade by 20.9%, and the banking industry by 15.6%. Conversely, real estate and warehousing industries declined by 3.5% and 3.1%, respectively.

By service sector analysis, last year the Business Receipts Index for the computer and information technology services sector increased 85.5% year-on-year, while the tourism, conference, and exhibition services sector also grew by 6.6%.

A government spokesperson stated that looking ahead, the overall business of the service industry is expected to further expand in the short term. Continued global economic growth, ongoing improvement in local consumer sentiment, and a significant increase in the number of visitors to Hong Kong should benefit various service sectors. The government will closely monitor developments of various external uncertainties, including recent escalations in Middle Eastern geopolitical tensions and the fluctuating trade and economic policies of some major economies.