A government survey on Monday showed that the city's small and medium sized enterprises (SMEs) saw a slight performance bump last month.

Figures released by the Census and Statistics Department showed that an index tracking local SMEs rose to 42.1 in July from 41.6 a month earlier.

But the data also meant that business was not growing as a reading below 50 indicates decline.

The gauge is expected to rise again in August to 45.5.

Analysing by sector, the index for real estate increased to 46.2 last month from 44.2 in June, while that for business services climbed to 44.8 from 43.5.

The index on new orders for importers and exporters stood steady at 45. That metric is expected to advance to 47 in August.

"Looking ahead, the elevated uncertainties in the external environment would continue to affect the local business sentiment," a government spokesperson noted.

"Nonetheless, the resilient local economy and steady economic growth in Asia, particularly in the mainland, should provide support," the spokesperson added.

Earlier, local economists and government advisers had called for officials to offer more short-term measures to aid local SMEs, which account for some 98 percent of the total number of local companies.

Most of the 360,000 SMEs are in the import and export, as well as wholesale industries.