Local restaurants' revenue rise by 1.6% in fourth quarter of last year, authorities say

The value of total restaurant receipts was provisionally estimated at HK$25.5 billion in the fourth quarter of last year, up 1.6 percent year-on-year, the Census and Statistics Department said today (Feb. 7). However, the provisional estimate of the value of total restaurant receipts for the whole year was HK$86.8 billion, down by 6.4% in value and 9.5% in volume terms.

A government spokesperson said that the restaurant business continued to improve in the fourth quarter of last year, benefiting from further relaxation of social distance measures, improved labor market conditions and consumption vouchers.

The value of total restaurant receipts rose further by 5.7 percent over the previous quarter after seasonal adjustments, and turned up by 1.6 percent year-on-year, according to the spokesperson.

However, due to the severe impact of the fifth wave of the epidemic early last year, the value of total restaurant receipts fell by 6.4% for the year as a whole. "Looking ahead, the recovery in economic activity from the outbreak and the expected rebound in inbound tourism should boost restaurant business, with further improvement in the labor market expected to provide additional support," the spokesman said.