HK's service sectors post sharp declines in incomes in Q2

0 Comment(s)Print E-mail Xinhua, September 11, 2020
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Hong Kong's service sectors witnessed sharp declines in income during the second quarter of the year due to the impact of the COVID-19 epidemic.

Data from the Hong Kong Special Administrative Region government showed Thursday that a wide range of service industries from accommodation to retail and transportation posted double-digit year-on-year drops in incomes during the April-June period.

As the COVID-19 epidemic continued to weigh on local economic activities, industries related to consumption and tourism were especially hard hit and saw sharp falls in business receipts, a government spokesman said.

The combined incomes of tourism, convention and exhibition services nosedived 94.9 percent year on year. Accommodation, food services and information and communications registered drops of 71 percent, 25.9 percent and 13.9 percent respectively.

Bucking the trend, the courier industry recorded an increase of 30.2 percent year on year in the period.

The spokesman predicted many service industries will continue to face a difficult business environment in the near term and the government will monitor the developments closely and roll out support measures when necessary.

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