Hong Kong Services Sector Posts Broad-Based Growth in Q3, Led by Insurance and Tech

MT Newswires Live12-09

Business receipts across major service industries in Hong Kong rose in the third quarter, with insurance, financing, and tech services posting the strongest year-on-year gains, the Census and Statistics Department said on Tuesday.

Insurance receipts jumped 40.7% from a year earlier, while financing (excluding banking) grew 31.4%, import/export trade rose 24.5%, and banking climbed 12.9%.

In contrast, transportation receipts fell 5.8%, data showed.

In the technology domain, computer and IT services receipts nearly doubled, surging 99.1% year-over-year. Receipts for tourism, convention, and exhibition services rose 4.6%.

On a seasonally adjusted basis, insurance receipts advanced 23.9% from the second quarter, while computer and IT services rose 20%. Warehousing and storage receipts declined 5.6%.

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