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THE top 1,000 companies in Singapore have added some S$1.23 trillion in revenue in the last five years, going by the latest Singapore 1000 (S1000) Rankings announced on Thursday.
This represents a five-year compounded annual growth rate (CAGR) of 11.3 per cent since the Global Financial Crisis (GFC), the S1000 report said.
An analysis of how each sector performed showed that commerce-wholesale companies (with a CAGR of 13.3 per cent) did the best, followed by the information and communications sector (12.9 per cent) and the commerce-retail sector (10.2 per cent).
All sectors enjoyed growth during the last five years save for the hospitality and food & beverage (F&B) sector, which saw its revenue contract by an average of 7.7 per cent for each of the last five years.
Said Chen Yew Nah, managing director of DP Information Group: "Much of Singapore's growth during the last five years has been due to the performance of the S1000 companies. Their ability to grow their revenue has helped Singapore to recover from the GFC and reach new heights."
The commerce-wholesale sector, she added, has always been a major contributor to the nation's economy due to Singapore's role in facilitating international trade, while the growth of the information & communications sector shows Singapore's ability to maintain its technological edge.
"The F&B and Hospitality was the only sector that hasn't grown in the last five years ... larger F&B companies now find themselves competing with the SMEs for the same market share. This may reflect the changing tastes of Singaporeans. Where once the large chains and franchises dominated the industry, a growing number of Singaporeans are choosing more boutique and independent options for accommodation as well as dining," said Ms Chen.
The S1000 ranks the top 1,000 companies in Singapore by revenue and is published with the SME1000 and the Singapore International 100, forming the most comprehensive annual audit of the performance of Singapore's corporate sector, said DP Information Group, also the ranking body and publisher of the rankings.