Hong Kong SMEs in October Remain Pessimistic on Business Receipts

MT Newswires Live11-12 21:05

The small and medium-sized enterprises (SMEs) of Hong Kong in October remained pessimistic regarding business receipts, reported the city's Census and Statistics Department (C&SD) on Monday.

The Hong Kong index for SME business receipts rose to 42.3 in October from 41.6 in September, but logged well below the 50-marker that separates favorable conditions from unfavorable, said the C&SD.

Restaurants were the least optimistic measured sector in Hong Kong, with an index reading of 37.4 in October, while business services were the most optimistic, notching an even 50.0, or neutral status for the month.

In terms of outlook, the overall Hong Kong SMEs index logged at 47.3 in October, up marginally from 47.0 in September.

Business services were again the most optimistic sector when it came to outlook, posting also at 50.0 in October, while the least optimistic was Hong Kong's wholesale trade, which registered at 41.3 in the month.

The October index for new orders for SMEs in the import and export trades increased to 44.7 from 44.5 in September, added the C&SD.

In a prepared statement, the C&SD said Hong Kong enterprises should benefit in the coming months from "gradually easing financial conditions, and the Central Government's (China's) latest policy measures for supporting the mainland economy."

Increased global economic uncertainties and trade conflicts could pose negative impacts on Hong Kong businesses, added the C&SD.

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