Survey: Businesses in HK more optimistic about prospects for 2023

The overall business sentiment among large enterprises in Hong Kong has improved slightly as compared to three months ago, despite mixed performance was seen across different sectors.

According to the latest survey of The Census and Statistics Department, the proportion of respondents from all surveyed sectors expecting their business situation to be better (19%) in Q1 2023 over the preceding quarter is higher than that expecting it to be worse (13%). 

When compared with the results of the Q4 2022 survey round, the proportion of respondents expecting a better business situation in Q1 2023 is 19%, higher than the corresponding proportion of 16% in Q4 2022. Large enterprises' appetite for hiring stayed largely positive.

On the other hand, the proportion of respondents expecting a worse business situation has slightly increased from 12% in Q4 2022 to 13% in Q1 2023.

Analysed by sector, while the number of the surveyed sectors with respondents expecting their business situation to be better on balance in Q1 2023 as compared with Q4 2022 is the same as the number of surveyed sectors expecting a worse business situation, significantly more respondents in the accommodation and food services, financing and insurance and manufacturing sectors expect their business situation to be better in Q1 2023 as compared with Q4 2022. 

The figures also showed that respondents in most of the surveyed sectors expect their volume of business or output to increase on balance or remain broadly unchanged in Q1 2023 as compared with Q4 2022. In particular, significantly more respondents in the accommodation and food services, manufacturing and financing and insurance sectors expect their volume of business/production to increase in Q1 2023 over Q4 2022.

A government spokesman said that the removal of most local social distancing measures and the progressive resumption of normal travel between the Mainland and Hong Kong should provide support to business sentiment, though tightened financial conditions and the deteriorating global economic outlook will continue to bring uncertainties.  

The survey gathers views on short-term business performance from the senior management of about 570 prominent establishments in various sectors in Hong Kong with a view to providing a quick reference. 
 
The survey covers 10 major sectors in Hong Kong, namely manufacturing; construction; import or export trade and wholesale; retail; accommodation and food services (mainly covering services rendered by hotels and restaurants); transportation, storage and courier services; information and communications; financing and insurance; real estate; and professional and business services sectors.

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