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The net output of Hong Kong's service sectors rose 8.2 percent in real terms in the first quarter over the same period last year, according to figures released by the Census and Statistics Department on Monday.
Analyzed by constituent sector and on a year-on-year comparison, net output in wholesale, retail and import and export trades, restaurants and hotels surged by 12.6 percent in the first quarter, faster than the 11.2 percent rise in the previous quarter.
This was mainly attributable to continued robust performance in Hong Kong's external trade, amid a broad-based revival in global demand. Also contributing was a rise in net output of retail trade and restaurants and hotels, attributable to a notable growth in inbound tourism and pick-up in consumer spending, said the department.
Net output in transport, storage and communications rose 12.1 percent in real terms in the first quarter over a year earlier, faster than the 5.3 percent rise in last year's forth quarter.
The buoyancy in external trade underpinned the strong growth in transport and storage services. Net output in communications services also grew, upon continued expansion in the traffic volumes of international and mobile phone services.
At the same time, net output in financing, insurance, real estate and business services rose 12 percent over the same period of last year, after a rise of 8.6 percent in the previous quarter.
The growth impetus came mainly from the robust rise in banking services, on the back of a substantial increase in commission and service income. Also relevant was a leap in stock brokerage companies' net output, underpinned by the continued upsurge in stock market turnover in the first quarter.
(Xinhua News Agency June 29, 2004)
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