HONG KONG – The contribution of the financial services sector to Hong Kong's gross domestic product increased from 20 percent in 2007 to 22 percent in 2022, according to the Census and Statistics Department.
Within the financial services sector, the banking industry has been playing a pivotal role, the department said in the April issue of Hong Kong Monthly Digest of Statistics released on Tuesday.
In 2022, the banking industry – which consists of the banking industry, insurance industry, and other financial services industries – accounted for 36 percent and 69 percent respectively of the total employment and value added in respect of the entire financial services sector, it added.
A high-value-added sector, financial services employed 269,700 persons, or 7 percent of total employment in Hong Kong in 2022.
Value added of the sector amounted to HK$613.4 billion, or 22 percent of nominal GDP at basic prices. Between 2020 and 2022, value added of the sector rose by 2 percent, whereas employment decreased by 2 percent, according to the data.
“In 2022, despite the COVID-19 epidemic situation, the average value added brought about by each person engaged in the sector still amounted to some HK$2.27 million,” reads the monthly statistics digest.
This was much higher than the corresponding figures for the other three key industries in Hong Kong – trading and logistics (HK$1.04 million), professional and other producer services (HK$0.54 million), and tourism (HK$0.37 million), it added.
The transportation, storage, postal, and courier services sector continued to play a significant role in Hong Kong’s economy in 2022, accounting for 7.5 percent of the GDP at current basic prices.
Source: China Daily [2024-04-17]
