1
3.9% 2.4%
1
Excludes Wholesale Trade, Retail Trade, Accommodation and Food Services
2
Non-seasonally adjusted
Business Receipts Index
1
, 2Q2021 – 2Q2023
BUSINESS RECEIPTS OF SERVICES INDUSTRIES
1
Business Receipts Index
Second Quarter 2023
121.9
126.9
136.6
135.7
144.0
147.9
153.3
146.2
149.7
114
118
122
126
130
134
138
142
146
150
154
2Q
2021
3Q 4Q 1Q
2022
2Q 3Q 4Q 1Q
2023
2Q
Year-on-Year
Quarter-on-Quarter
2
BUSINESS RECEIPTS INDEX
SECOND QUARTER 2023
2
Overall business receipts of the services industries (excluding Wholesale Trade, Retail Trade, Accommodation and Food Services)
increased 3.9% in second quarter 2023 compared to the same quarter in 2022. All industries except the Transportation & Storage
and Administrative & Support Services industries registered higher business receipts on a year-on-year basis.
On a quarter-on-quarter basis, overall business receipts (non-seasonally adjusted) increased 2.4% in second quarter 2023. All
industries except the Education and Transportation & Storage industries registered higher business receipts compared to the
previous quarter.
Year-on-Year Change
Quarter-on-Quarter Change
(Non-seasonally adjusted)
The Recreation & Personal Services industry reported an
increase of 19.6% in revenue. This was mainly attributed to
higher earnings of firms in the gaming and attractions
segment which saw more business activities in second
quarter 2023.
Likewise, the Real Estate industry registered a double-digit
growth of 12.6% on a year-on-year basis, due mainly to real
estate developers reporting higher turnover.
On the other hand, the Transportation & Storage industry
recorded a decrease of 16.8% in turnover. In particular, the
water transport segment saw a decline in revenue on the
back of lower freight rates in the shipping industry.
The Information & Communications industry registered a
growth of 8.0% in revenue. Firms engaged in software
publishing (which includes games publishing) and information
service activities such as internet search engines were among
those which saw increases in revenue.
Similarly, the Professional Services industry reported an
increase of 5.2% in business receipts. Within the industry, firms
engaged in legal, accounting & auditing, head office and
business & management consultancy activities were among
those which reported higher sales in second quarter 2023.
On the other hand, the Education industry registered a drop of
2.9% in turnover, mainly attributed to lower fees received by
higher education institutions.
OVERVIEW – SERVICES INDUSTRIES
USTRIES
1
Non-seasonally adjusted
Year-on-Year
Quarter-on-Quarter
1
Year-on-Year
Quarter-on-Quarter
1
Year-on-Year
Quarter-on-Quarter
1
-16.8% -0.9% +8.8% +8.0% +13.4% +1.0%
Year-on-Year
Quarter-on-Quarter
1
Year-on-Year
Quarter-on-Quarter
1
Year-on-Year
Quarter-on-Quarter
1
+12.6% +1.6% +4.0% +5.2% -7.2% +0.8%
Year-on-Year
Quarter-on-Quarter
1
Year-on-Year
Quarter-on-Quarter
1
Year-on-Year
Quarter-on-Quarter
1
+2.9% -2.9% +7.7% +4.4% +19.6% +2.3%
Finance & Insurance
Change in Business Receipts Index by Industry
Recreation & Personal Services
Administrative & Support Services
Transportation & Storage
Information & Communications
Real Estate
Professional Services
Education
Health & Social Services
BUSINESS RECEIPTS INDEX
SECOND QUARTER 2023
3
2Q23/2Q22 1Q23/1Q22 2Q23/1Q23 1Q23/4Q22
Total Services
2
3.9 7.7 2.4 -4.6
Transportation & Storage
3
-16.8 -5.6 -0.9 -12.1
Information & Communications
8.8 13.3 8.0 -7.0
Finance & Insurance
13.4 14.5 1.0 2.7
Real Estate
12.6 9.9 1.6 1.8
Professional Services
4.0 6.7 5.2 -13.5
Administrative & Support Services
-7.2 -6.2 0.8 -11.8
Education
2.9 2.9 -2.9 0.3
Health & Social Services
7.7 6.0 4.4 -0.6
Recreation & Personal Services
4
19.6 39.6 2.3 3.1
1
Non-seasonally adjusted
2
Excludes Wholesale Trade, Retail Trade, Accommodation and Food Services
3
Comprises land transport, water transport, air transport, warehousing & support activities for transport and postal
& courier activities
4
Comprises arts, entertainment & recreation, membership organisations' activities (e.g. business and professional
membership organisations, religious organisations and interest groups), repair of computers, personal, household
goods & vehicles and other personal services activities.
Quarter-on-Quarter Change
1
Industry
Year-on-Year Change
Table 1 Percentage Change of Business Receipts Index at Current Prices (2014=100)
BUSINESS RECEIPTS INDEX
SECOND QUARTER 2023
4
EXPLANATORY NOTES
Introduction
The Business Receipts Index (BRI) for the services industries (excluding Wholesale Trade, Retail Trade,
Accommodation and Food Services) measures the short-term changes in the amount of business or operating
revenue on a quarterly basis. The BRI is compiled at current prices.
Business or operating revenue is the income earned from business operations (i.e. includes income from services
rendered, sale of goods, commission fees as well as rental of premises and machinery & equipment).
To reflect the changes in the structure of the services industries over the years, the weighting pattern of the
index series is revised regularly. The BRI series have been re-based from base year 2008 to 2014. The new BRI
series (2014=100) has been released with effect from 1Q2015 report.
Data Collection
Data for the compilation of the index is sourced from administrative data as well as the Quarterly Survey of
Services (QSS) and Survey of Quarterly National Income Estimates conducted by the department.
The 2014-based BRI is compiled based on survey and administrative records of more than 11,000 enterprises.
Index Compilation
To derive the BRI at detailed industry level, the quarterly business receipts for that industry is divided by the
average quarterly business receipts for the same industry in the base year.
The overall BRI is then computed by combining the indices of the detailed industries, using weights which
measure each industry’s relative importance in the overall services sector.
