HONG KONG - HK's service industries fared better in the fourth quarter of 2009 compared to the same period a year earlier, with business receipts of the finance sector rising 45 percent, Hong Kong's Census and Statistics Department said Thursday.
The robust growth of the finance industry was attributed to a strong rebound in the local stock market and fund raising activities, the agency said.
Meanwhile, business receipts of the banking industry rose 35 percent, mainly due to the growth of non-interest income.
The real estate industry also recorded a noticeable increase of 23.4 percent in business receipts in the fourth quarter, reflecting a strong rebound in the residential property market.
Next on the growth list was the courier with 18.4 percent, insurance with 17.2 percent and retail 12.8 percent.
Notable drops in business receipts were recorded in the accommodation, which fell 7.8 percent and transportation, down 4.3 percent.
However, for 2009 as a whole, many of the major service industries recorded decreases in business receipts when compared with 2008.
