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Singapore's services industry business receipts down 3.8% in Q1

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Business receipts of Singapore's services industries (excluding wholesale & retail trade and accommodation & food services) fell 3.8 per cent in the first quarter of 2016 over the previous quarter, according to data released by the Department of Statistics on Friday.

BUSINESS receipts of Singapore's services industries (excluding wholesale & retail trade and accommodation & food services) fell 3.8 per cent in the first quarter of 2016 over the previous quarter, according to data released by the Department of Statistics on Friday.

The education services industry recorded the highest growth of 5.6 per cent in business receipts, followed by the health & social services industry with an increase of 2.9 per cent.

On the flip side, turnover of the business services and recreation & personal services industries fell 7.5 per cent and 7.3 per cent respectively.

On a year-on-year basis, overall business receipts rose 0.3 per cent.

All services industries fared better except the recreation & personal services and transport & storage services industries, with their turnovers declining 9.9 and 0.8 per cents respectively.

Services industries that performed better included health & social services (growth of 5.1 per cent), information & communications (up 1.7 per cent) and education services (up 1.1 per cent).

The Business Receipts Index for the services industries measures the short-term changes in the amount of business or operating receipts on a quarterly basis. The index is compiled at current prices.