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HK 3Q Value of Total Receipts of Restaurants Sector Dips 1.3% YoY to $26.7B
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The Census and Statistics Department (C&SD) announced that the value of total receipts of the restaurants sector in the third quarter of 2024, provisionally estimated at $26.7 billion, decreased by 1.3% over a year earlier. Over the same period, the provisional estimate of the value of total purchases by restaurants decreased by 0.1% to $8.8 billion. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total restaurant receipts decreased by 3.3% in the third quarter of 2024 compared with a year earlier. A Government spokesman said that the value of total restaurant receipts recorded a narrowed year-on-year decline of 1.3% in the third quarter of 2024. The business performance of restaurants improved through the quarter, with their total receipts resuming a year-on-year increase of 2.8% in September. Compared with the preceding quarter, the value of total restaurant receipts increased by 2% in the third quarter after adjusting for seasonal factors. Looking ahead, the changing consumption patterns of visitors and residents will continue to affect the business performance of restaurants. Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and the commencement of the US interest rate cut, would render support to catering spending. The SAR Government's various initiatives to boost market sentiment and increasing employment earnings would also benefit the sector. AAStocks Financial News |
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