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Official Q3 data show double-digit dips in services in Hong Kong

Official data released Monday show Hong Kong’s service industries suffered double-digit contractions in the third quarter. Compared with the same period last year, hotels, retail, wholesale and the restaurant industry all saw significant dips. The insurance, banking and courier industries all posted growth. Last week, the Hong Kong SAR government released October’s total retail figure, at just 30 billion Hong Kong dollars, or 3.8 billion US dollars. The figure fell by nearly a quarter from a year ago, showing the largest year-on-year decline for a single month on record. Retail sales in jewelry, clocks and watches continued to plunge by more than 40 percent.

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