6
TUESDAY, JUNE 25, 1991
COMPENSATION OF EMPLOYEES AMOUNTED TO $6,487 MILLION (AN INCREASE OF 41%) AND OPERATING EXPENSES TO $19,896 MILLION (+29%). BUSINESS RECEIPTS AND OTHER INCOME GREW BY 27% TO $54,249 MILLION.
THIS SECTOR'S VALUE ADDED, WHICH DID NOT INCLUDE THAT OF INVESTMENT AND HOLDING COMPANIES DUE TO THE SPECIAL FEATURES OF THEIR BUSINESS OPERATION, INCREASED BY 13% OVER 1988 TO $5,373 MILLION.
IT' SHOULD BE NOTED THAT THE FINANCING SECTOR MENTIONED ABOVE EXCLUDED BANKS AND DEPOSIT-TAKING COMPANIES WHICH ARF SEPARATELY COVERED UNDER THE 1989 SURVEY OF BANKS, DEPOSIT-TAKING COMPANIES
AND REPRESENTATIVE OFFICES OF FOREIGN BANKS, THE RESULTS OF WHICH HAVE BREN PUBLISHED IN THE MARCH 1991 ISSUE OF THE HONG KONG MONTHLY DIGEST
F STATISTICS.
IN SUMMARY, THE NUMBER OF BANKS AND DEPOSIT-TAKING COMPANIES (EXCLUDING REPRESENTATIVE OFFICES OF FOREIGN BANKS) IN OPERATION DECREASED MARGINALLY FROM 428 IN 1988 TO 427 IN 1989.
IN
WAGES AND SALARIES PAID AND OTHER EMPLOYEE BENEFITS OFFERED 1989 AMOUNTED TO $10,121 MILLION (AN INCREASE OF 19%) AND OPERATING EXPENSES TO $6,546 MILLION (+20%).
NET INTEREST RECEIPTS (THAT IS INTEREST RECEIVED MINUS INTEREST PAID) ROSE BY 12% TO $22,111 MILLION, WHILE RECEIPTS FROM SERVICES RENDERED INCREASED BY 19% TO $6,786 MILLION.
IN THE BUSINESS SERVICES SECTOR, THERE WERE 9,833 ESTABLISHMENTS IN OPERATION IN 1989, AN INCREASE OF 21% OVER 1988.
THESE INCLUDE LEGAL, ACCOUNTING, AUDITING AND DATA PROCESSING FIRMS; COMPANIES ENGAGED IN BUSINESS MANAGEMENT AND CONSULTANCY, ADVERTISING, DESIGNING, SECRETARIAL AND EMPLOYMENT SERVICES; TECHNICAL SERVICES AND MACHINERY AND EQUIPMENT RENTAL COMPANIES WHICH ENGAGED TOTAL OF 80,121 PERSONS, AN INCREASE OF 9% OVER 1988.
A
IN 1989, THEY SPENT $8,164 MILLION ON COMPENSATION OF EMPLOYEES (AN INCREASE OF 23%) AND $13,693 MILLION ON OPERATING EXPENSES (+23%), AND GENERATED $28,070 MILLION OF BUSINESS RECEIPTS AND OTHER INCOME (+16%).
THE SECTOR CONTRIBUTED $13,939 MILLION TO THE GROSS DOMESTIC PRODUCT (+10%), MEASURED IN TERMS OF VALUE ADDED.
IN THE INSURANCE SECTOR, WHICH INCLUDES GENERAL AND LIFE INSURERS, INSURANCE AGENTS AND COMPANIES PROVIDING OTHER INSURANCE- RELATED SERVICES, THE NUMBER OF ESTABLISHMENTS INCREASED BY 3% OVER 1988 TO 1,699 IN 1989, WHILE THE TOTAL NUMBER OF PERSONS ENGAGED INCREASED BY 11% TO 19,810 OVER THE SAME PERIOD.
AND
AMOUNTED то REPRESENTING
THIS SECTOR GENERATED $17,105 MILLION OF BUSINESS RECEIPTS OTHER INCOME (+21%) IN 1989. COMPENSATION OF EMPLOYEES $2,685 MILLION AND OPERATING EXPENSES TO $1,731 MILLION, INCREASES OF 34% AND 21% RESPECTIVELY OVER 1988.
/THE 1989