Business receipts of Singapore services industries up 2.3% in Q3

BUSINESS receipts of the services industries, excluding wholesale & retail trade and accommodation & food services, rose 2.3 per cent on a year-on-year basis in Q3, according to data released by the Department of Statistics (DOS) on Friday.

All services industries recorded positive growth in turnover, except for the business services and recreation & personal services industries, with turnover declining 1.8 per cent and 0.5 per cent respectively compared with the same period last year.

Services industries that registered growth included the financial & insurance services (8.2 per cent), health & social services (5.1 per cent); education services (4.2 per cent), information & communications (2.2 per cent); and transport & storage services (0.6 per cent) industries.

On a quarter-on-quarter, non-seasonally-adjusted basis, business receipts of the above serviced industries remained at similar levels.

Performance was mixed. The education services industry reported the highest growth of 11.8 per cent in business receipts, followed by the recreation & personal services industry which recorded an increase of 2.1 per cent.

Likewise, higher business receipts were registered by the transport and storage services (0.9 per cent), business services (0.5 per cent), and health & social services (0.3 per cent) industries.

On the other hand, turnover of the information & communications and financial & insurance industries fell 2.2 per cent and 2.1 per cent respectively.