Finance sector leads quarterly business receipts growth in Q1

Business receipts rose by almost a third at 28.7%.

Business receipts in the finance sector, excluding banking, led quarterly growth after surging by 28.7% YoY in Q1, according to the Census and Statistics Department. 

The warehousing and storage sector also performed well after business receipts rose 17.6% thanks to strong trade inflows to and from the Mainland.

Also read: Goods export up 5.3% in March

A continued recovery in the retail sector also pushed business receipts up 14.4% in Q1 as strengthening tourism levels buoyed transactions and leasing activity.

Also read: Retail sales up 12.3% to $39.5b in April as tourism strengthens

Business receipts for the courier, transportation, accommodation and food services also went up 13.7%, 10.8%, 10.6% and 10% respectively.

Analysed on a service domain basis, business receipts of the tourism, convention and exhibition services domain increased by 12.3% YoY whilst those of the computer and information technology services domain also went up 4.0% YoY over the same period.