Results of monthly survey on business situation of small and medium-sized enterprises for November 2025
The Census and Statistics Department (C&SD) released today (December 9) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for November 2025.
The current diffusion index (DI) on business receipts amongst SMEs decreased from 44.8 in October 2025 in the contractionary zone to 44.5 in November 2025, whereas the one-month's ahead (i.e. December 2025) outlook DI on business receipts was 47.5. Analysed by sector, the current DIs on business receipts for some surveyed sectors dropped in November 2025 as compared with previous month, particularly for the logistics (from 43.3 to 42.2) and import and export trades (from 45.7 to 44.7).
The current DI on new orders for the import and export trades decreased from 47.1 in October 2025 to 46.0 in November 2025, whereas the outlook DI on new orders in one month's time (i.e. December 2025) was 47.4.
Commentary
A Government spokesman said that business sentiment among SMEs was broadly stable in November after having shown some visible improvement over the past several months. While the current diffusion index on business receipts eased slightly from the high in the preceding month, the index on outlook in one month's time stayed at an elevated level. Meanwhile, the overall employment situation improved slightly from the preceding month.
Looking ahead, further solid growth of the Hong Kong economy will support local business sentiment. Nevertheless, as the uncertainties in the external environment persist, the Government will monitor the situation closely.
Further information
The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to companies with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent companies in Hong Kong, users may refer to the publication entitled "Report on Quarterly Business Tendency Survey" released by the C&SD.
The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own companies rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents' perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
More detailed statistics are given in the "Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises". Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).
Source: AI-found images
Quarterly business receipts indices for service industries for third quarter of 2025
Business receipts in value terms of many major service industries showed increases of varying magnitudes in the third quarter of 2025 when compared with the third quarter of 2024, according to the provisional figures of business receipts indices released today (December 9) by the Census and Statistics Department (C&SD).
Comparing the third quarter of 2025 with the third quarter of 2024, double-digit increases were recorded in business receipts indices of the insurance (+40.7%), financing (except banking) (+31.4%), import/export trade (+24.5%) and banking (+12.9%) industries. On the other hand, the transportation industry recorded a decrease of 5.8% in business receipts index during the same period.
Analysed by service domain, business receipts index of the computer and information technology services domain increased by 99.1% year-on-year during the same period, while that of the tourism, convention and exhibition services domain also increased by 4.6% year-on-year.
On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of many major service industries recorded increases of varying magnitudes in the third quarter of 2025 when compared with the second quarter of 2025. In particular, a double-digit increase was recorded in business receipts index of the insurance (+23.9%) industry. On the other hand, business receipts index of the warehousing and storage industry decreased by 5.6% during the same period.
Analysed by service domain, comparing the third quarter of 2025 with the second quarter of 2025 on a seasonally adjusted basis, business receipts index of the computer and information technology services domain increased by 20.0%, while that of the tourism, convention and exhibition services domain also increased by 6.8%.
Commentary
A Government spokesman said that business receipts of many service industries increased in the third quarter of 2025 over a year earlier, with more notable increases seen for the insurance, financing (except banking), import/export trade and banking industries.
Looking ahead, business of the service industries as a whole should continue to expand. Sustained moderate growth of the global economy, coupled with easing China-US trade tensions, should provide support to trade-related sectors. Continued improvement in local consumer sentiment, sustained growth in visitor arrivals, vibrant financial market activities, and the Government's various measures to develop the economy and diversify markets will continue to bode well for various service industries. Notwithstanding, the impact of external uncertainties on certain industries still warrants close attention.
Further information
Table 1 presents the business receipts indices and their corresponding year-on-year rates of change in respect of selected service industries and service domains for the recent five quarters, while Table 2 shows the corresponding quarter-to-quarter rates of change in the business receipts indices for the recent five quarters based on the seasonally adjusted series.
The revised figures of business receipts indices for the third quarter of 2025 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=660-69001) on January 19, 2026.
Data for compiling the business receipts indices are mainly based on the Quarterly Survey of Service Industries conducted by the C&SD, supplemented by relevant data provided by the Hong Kong Monetary Authority and the Hong Kong Tourism Board.
A service domain differs from a service industry in that it comprises those economic activities which straddle different industries but are somehow related to a common theme. It may include all activities carried out by all companies in a service industry that is closely related to the domain. For a service industry that is less closely related, however, only a portion of the companies in the industry or even only part of the economic activities of the companies is related to the domain. Taking the tourism, convention and exhibition services domain as an example, it includes all services of convention and exhibition organisers, short-term accommodation services and services of travel agents, and some of the services (only those involving visitors as customers) of restaurants, retailers and transport operators.
The classification of service industries follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into relevant industry classes.
More detailed statistics are given in the report "Quarterly Business Receipts Indices for Service Industries, Third Quarter 2025". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080006&scode=520).
For enquiries about the business receipts indices, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7274 or e-mail: business-receipts@censtatd.gov.hk).
Source: AI-found images
