In the fourth quarter of 2024, major service industries witnessed a notable upturn in business receipts, as reported by the Census and Statistics Department. Most sectors experienced year-on-year growth, with financing (excluding banking), insurance, and transportation leading the charge with double-digit increases. The computer and information technology services domain also saw substantial growth, while tourism-related services showed moderate improvement. However, the wholesale industry faced a decline. Seasonally adjusted quarter-to-quarter data revealed mixed performance across sectors, with financing and accommodation services recording significant gains. For the full year, transportation, financing (excluding banking), and insurance achieved double-digit growth, with computer and information technology services leading all sectors. Government officials expressed optimism about future prospects, attributing this to favorable global economic conditions and supportive policies.

The fourth quarter of 2024 marked a period of robust expansion for several key service industries. Financing activities, excluding those related to banking, surged by an impressive 36.3% compared to the same period last year. This sector's remarkable performance was complemented by a 17.9% increase in insurance services and a 10.6% rise in transportation services. These figures underscore the resilience and adaptability of these industries in the face of evolving market conditions. Additionally, the computer and information technology services domain saw its revenue climb by 21.4%, reflecting the growing importance of digital infrastructure and innovation in today's economy. In contrast, the wholesale sector experienced an 8.3% downturn, indicating challenges in certain traditional industries.

Quarterly comparisons revealed a mixed bag of results. On a seasonally adjusted basis, approximately half of the major service industries recorded positive growth. Notably, financing activities (excluding banking) saw a substantial 20.9% increase from the previous quarter, while accommodation services posted a 17.5% gain. Conversely, the banking sector faced a modest 3.8% decline during the same period. This divergence in performance highlights the varying impacts of economic factors on different sectors.

Looking at the entire year, the transportation sector emerged as a standout performer with a 13.8% growth rate. Financing activities (excluding banking) grew by 12.5%, and insurance services expanded by 12.2%. The most dramatic increase came from the computer and information technology services domain, which soared by an astounding 52.2%. Tourism, convention, and exhibition services also improved by 7%, signaling a gradual recovery in this area. However, retail business receipts fell by 7.3% compared to 2023, pointing to ongoing challenges in consumer spending.

Government officials remain optimistic about the future trajectory of these industries. They attribute the positive trends to stable global economic conditions, supportive policies from China, and local initiatives aimed at fostering economic growth. While U.S. trade protectionism poses potential risks for some sectors, overall confidence remains high that these challenges can be mitigated through strategic planning and policy adjustments. The continued focus on innovation and diversification is expected to drive further expansion in the coming quarters.