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FRIDAY, JUNE 9, 1989
THE VALUE ADDED OF THIS SECTOR INCREASED BY 26 PER CENT TO $672 MILLION IN 1987. VALUE ADDED IS A MEASURE OF CONTRIBUTION OF AN ECONOMIC SECTOR TO HONG KONG'S GROSS DOMESTIC PRODUCT.
ALL VALUE FIGURES IN THIS PRESS RELEASE ARE EXPRESSED IN CURRENT PRICE TERMS. PERCENTAGE CHANGES DERIVED FROM THESE FIGURES HAVE NOT BEEN ADJUSTED FOR PRICE INCREASES.
IN THE COMMUNICATIONS SECTOR WHICH INCLUDES TELEPHONE, TELEGRAPH. COURIER. RADIO-PAGING AND OTHER TELECOMMUNICATION COMPANIES. THERE WERE 201 ESTABLISHMENTS IN OPERATION IN 1987. AN INCREASE OF 11 PER CENT OVER 1986. HOWEVER, THE TOTAL NUMBER OF PERSONS ENGAGED FELL BY 2 PER CENT TO 22,171.
$9,956
COMPENSATION OF EMPLOYEES AMOUNTED TO $1,970 MILLION (+18 PER CENT) AND OPERATING EXPENSES TO $3,133 MILLION (+34 PER CENT), BUSINESS RECEIPTS AND OTHER INCOME INCREASED BY 24 PER CENT TO MILLION, WHILE THE CONTRIBUTION OF THIS SECTOR TO THE GROSS DOMESTIC PRODUCT IN TERMS OF VALUE ADDED INCREASED BY 19 PER CENT TO $5,834 MILLION.
IN THE FINANCING SECTOR, 2,433 ESTABLISHMENTS WERE IN OPERATION DURING 1987, AN INCREASE OF 14 PER CENT COMPARED WITH 1986.
THIS SECTOR COMPRISES LOAN AND MORTGAGE COMPANIES, CREDIT INSTITUTIONS. FINANCE LEASING COMPANIES, PAWNSHOPS, INVESTMENT AND HOLDING COMPANIES, SECURITIES, FUTURES AND GOLD BULLION BROKERS AND DEALERS, MONEY CHANGERS AND FOREIGN EXCHANGE BROKERS AND DEALERS. COMPARED WITH 1986, THE SECTOR'S TOTAL NUMBER OF PERSONS ENGAGED WENT UP BY 24 PER CENT TO 26,464.
COMPENSATION OF EMPLOYEES AMOUNTED TO $3,687 MILLION (+49 PER CENT} AND OPERATING EXPENSES TO $11.376 MILLION (+45 PER CENT). BUSINESS RECEIPTS AND OTHER INCOME GREW BY 53 PER CENT ΤΟ $41.077 MILLION. WHILE THIS SECTOR'S VALUE ADDED INCREASED BY 14 PER CENT
$5,831 MILLION.
TO
IT SHOULD BE NOTED THAT THE FINANCING SECTOR MENTIONED ABOVE EXCLUDES BANKS AND DEPOSIT-TAKING COMPANIES WHICH ARE SEPARATELY COVERED UNDER THE 1987 SURVEY OF BANKS, DEPOSIT-TAKING COMPANIES AND REPRESENTATIVE OFFICES OF FOREIGN BANKS, THE RESULTS OF WHICH HAVE BEEN PUBLISHED IN THE MARCH 1989 ISSUE OF THE HONG KONG MONTHLY DIGEST OF STATISTICS.
IN SUMMARY, THE NUMBER OF BANKS AND DEPOSIT-TAKING COMPANIES IN OPERATION IN 1987 DECREASED BY 4 PER CENT TO 446 WHEN COMPARED WITH 1986. WAGES AND SALARIES PAID AND OTHER EMPLOYEE BENEFITS OFFERED IN 1987 AMOUNTED TO $6,984 MILLION (+14 PER CENT) AND OPERATING EXPENSES TO $4,822 MILLION (+13 PER CENT),
NET INTEREST RECEIPTS (1.E. INTEREST RECEIVED MINUS INTEREST PAID} ROSE BY 34 PER CENT TO $16,583 MILLION, WHILE RECEIPTS FROM SERVICES RENDERED INCREASED BY 33 PER CENT TO $5,172 MILLION.
/IN THE