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13.
Business Receipts Indices for Service Industries released
The business receipts in most of the service industries showed increases of various magnitudes in value terms in 1996 over 1995.
The value of business receipts in the communications industry registered the fastest annual growth, by 18%. This was followed by those in the financing (except banking) and the business services industries, which grew by 16% and 13% respectively.
These are the provisional figures on business receipts indices for service industries released today (Tuesday) by the Census and Statistics Department.
The strong growth in business receipts in the communications industry was mainly related to the rapid expansion of mobile telephone services.
The significant increase in business receipts in the financing (except banking) industry was due to markedly higher stock market turnover; while the increase in business receipts in the business services industry was due to greater demand for legal services and various miscellaneous business services along with a more active property market.
Meanwhile, considerable increases in business receipts were also registered in the following service industries: banking (+12%); hotels (+11%) and transport(+8%).
On the other hand, business receipts in the wholesale industry decreased slightly, by 1% in value terms. This was mainly due to the decrease in business receipts in the wholesaling of raw materials and semi-manufactures.
Comparing the fourth quarter of 1996 with the same quarter of 1995, strong growth in business receipts was recorded in the financing (except banking)(+23%); business services (+17%) and communications industries (+17%).
Considerable increases in business receipts were also registered in the following service industries: hotels (+11%); insurance (+11%); banking (+10%); restaurants (+9%) and retail (+8%).
On the other hand, business receipts in the import/export industry remained virtually unchanged, while those in the wholesale industry dropped by 4%.