Service Industries See Significant Business Receipts Growth in Q4 2025 Compared to Previous Year

Quarterly business receipts indices for service industries for fourth quarter of 2025 and whole year of 2025

Business receipts in value terms of almost all major service industries showed increases of varying magnitudes in the fourth quarter of 2025 when compared with the fourth quarter of 2024, according to the provisional figures of business receipts indices released today (March 12) by the Census and Statistics Department (C&SD).

Comparing the fourth quarter of 2025 with the fourth quarter of 2024, double-digit increases were recorded in business receipts indices of the financing (except banking) (+34.7%), insurance (+31.9%), import/export trade (+20.1%) and banking (+16.0%) industries. On the other hand, the warehousing and storage industry recorded a decrease of 3.3% 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 101.8% year-on-year during the same period, while that of the tourism, convention and exhibition services domain also increased by 11.7% year-on-year.

On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of most of the major service industries recorded increases of varying magnitudes in the fourth quarter of 2025 when compared with the third quarter of 2025. In particular, double-digit increases were recorded in business receipts indices of the financing (except banking) (+23.9%), real estate (+12.1%) and accommodation services (+10.4%) industries. On the other hand, business receipts index of the insurance industry decreased by 8.0% during the same period.

Analysed by service domain, comparing the fourth quarter of 2025 with the third quarter of 2025 on a seasonally adjusted basis, business receipts index of the tourism, convention and exhibition services domain increased by 9.3%, while that of the computer and information technology services domain also increased by 1.6%.

For 2025 as a whole, most of the major service industries recorded year-on-year increases in business receipts. Double-digit increases were recorded in business receipts indices of the financing (except banking) (+32.1%), insurance (+29.6%), import/export trade (+20.9%) and banking (+15.6%) industries. On the other hand, business receipts indices of the real estate and warehousing and storage industries decreased by 3.5% and 3.1% respectively as compared with 2024.

Analysed by services domain, business receipts index of the computer and information technology services domain increased by 85.5%, while that of the tourism, convention and exhibition services domain also increased by 6.6% during the same period.

Commentary

A Government spokesman said that business receipts of almost all service industries increased in the fourth quarter of 2025 over a year earlier. In particular, the financing (except banking), insurance, import/export trade and banking industries saw double-digit growth in their business receipts. Meanwhile, the retail and accommodation services industries saw accelerating growth in their business receipts.

Looking ahead, businesses of service industries in general are expected to expand further in the near term. The sustained growth of the global economy, the continued improvement in local consumption sentiment and the visible growth in inbound visitor arrivals should bode well for various service industries. The Government will closely monitor the development of various external uncertainties, including heightened geopolitical tensions in the Middle East of late and shifting trade and economic policies of individual major economies.

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 fourth 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 April 21, 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, Fourth 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

Construction output for fourth quarter and whole year of 2025

The total gross value of construction works (GVCW) performed by main contractors in the fourth quarter of 2025 decreased by 6.1% in nominal terms compared with a year earlier to $73.2 billion, according to the provisional results of the Quarterly Survey of Construction Output released today (March 12) by the Census and Statistics Department (C&SD).

After discounting the effect of price changes, the provisional results showed that the total GVCW performed by main contractors decreased by 8.3% in real terms over the same period. GVCW in real terms is derived by deflating the corresponding nominal value with an appropriate price index to the price level in the base period of 2000.

Analysed by type of construction works, the GVCW performed at private sector sites totalled $16.6billion in the fourth quarter of 2025, down by 23.2% in nominal terms compared with a year earlier. In real terms, it decreased by 25.1%. The GVCW performed at public sector sites increased by 2.9% in nominal terms over a year earlier to $34.3 billion in the fourth quarter of 2025. In real terms, however, it slightly decreased by 0.4%.

The GVCW performed by main contractors at locations other than construction sites amounted to $22.2 billion in the fourth quarter of 2025, down by 3.0% in nominal terms compared with a year earlier. In real terms, it decreased by 2.1%. Construction works at locations other than construction sites included minor new construction activities and decoration, repair and maintenance for buildings; and electrical equipment installation and maintenance works at locations other than construction sites.

Analysed by major end-use group, the GVCW performed at construction sites in respect of residential buildings projects amounted to $21.4 billion in the fourth quarter of 2025, down by 3.5% in nominal terms compared with a year earlier. Over the same period, the GVCW performed at construction sites in respect of transport projects down by 19.3% in nominal terms to $8.7 billion in the fourth quarter of 2025.

On a seasonally adjusted quarter-to-quarter basis, the GVCW performed by main contractors decreased by 4.5% in nominal terms and 3.1% in real terms in the fourth quarter of 2025 compared with the third quarter of 2025.

For 2025 as a whole, the provisional results showed that the total GVCW performed by main contractors decreased by 1.4% in nominal terms compared with a year earlier to $286.6 billion. After discounting the effect of price changes, the total GVCW performed by main contractors in 2025 decreased by 4.5% in real terms compared with a year earlier.

Analysed by type of construction works, the GVCW performed at private sector sites totalled $70.7 billion in 2025, down by 16.9% in nominal terms compared with a year earlier. In real terms, it decreased by 19.2%. The GVCW performed at public sector sites amounted to $130.1 billion in 2025, up by 10.2% in nominal terms over a year earlier. In real terms, it increased by 6.2%.

The GVCW performed by main contractors at locations other than construction sites amounted to $85.7 billion in 2025, down by 1.9% in nominal terms compared with a year earlier. In real terms, it decreased by 3.1%.

Analysed by major end-use group, residential buildings projects accounted for the largest share in the total GVCW performed at construction sites in 2025. The GVCW performed in respect of these projects amounted to $84.9 billion in 2025, up by 1.2% in nominal terms over a year earlier. Transport projects constituted the second largest group of construction site works in 2025. The GVCW performed in respect of these projects totalled $33.3 billion in 2025, down by 21.8% in nominal terms compared with a year earlier.

Tables 1 and 2 show the provisional figures on the GVCW performed by main contractors in the fourth quarter and the whole year of 2025 respectively. Table 3 shows the revised figures for the third quarter of 2025.

Owing to the widespread sub-contracting practices in the construction industry, a construction company can be a main contractor for one contract and a sub-contractor for another contract at the same time. The GVCW performed by main contractors covers only those projects in which the construction company takes the role of a main contractor, but not projects in which it takes only the role of a sub-contractor. However, sub-contractors' contribution to projects should have been included in the GVCW performed by main contractors for whom they worked.

The classification in the construction sector follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

More detailed statistics are given in the Report on the Quarterly Survey of Construction Output. Users can browse and download thispublication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1090002&scode=330).

For enquiries about the survey results, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD (Tel: 3903 6965; email:building@censtatd.gov.hk).

Source: AI-found images