According to statistics released by the government of the Hong Kong Special Administrative Region, the total sales value of its retail industry increased by 12.7% year-on-year in the first ten months of 2008 while its total sales volume increased by 6.4%.
Sales in October 2008 rose 0.3% to HKD20.8 billion. Adjusting for the effect of price changes, sales volumes decreased by 4.3% compared with the same period last year.
At the same time, the government said the revenue from Hong Kong's warehouse, communications, finance, commercial services, insurance, and banking industries reached HKD1.1 trillion in 2007, a year-on-year increase of 26%. Of this, the total revenue of the insurance and finance industries increased 31%, attributed to the boom of life insurance business and the stock market. Banking revenues increased by 29% in 2007 while that of commercial services, communications, and warehouses increased by 16%, 6% and 3%, respectively.
In addition, the total revenue from Hong Kong's catering, hotel, retail, wholesale, and import and export trades increased 3.1% year-on-year in 2007. Of which, the catering industry attained the greatest growth with a year-on-year increase of 22.6%.