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Singapore services business receipts up 2.8% in Q2

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Singapore's services industries are still seeing their takings rise year on year, though at a slowing pace, according to second quarter data from the Department of Statistics on Tuesday.

SINGAPORE'S services industries are still seeing their takings rise year on year, though at a slowing pace, according to second quarter data from the Department of Statistics on Tuesday.

Business receipts in the service sector grew 2.8 per cent year on year in the second quarter, slowing from 3.6 per cent in Q1 and 4.1 per cent in Q4 2018.

On a quarterly basis, takings were down a marginal 0.1 per cent, marking the second consecutive quarterly decline.

Of the services industries covered, all saw year-on-year growth in business receipts. Transport and storage performed the best, with takings up 5.6 per cent, led by water and air transport.

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Both the education, and the health and social services industries saw 4.2 per cent growth, with the latter due mainly to higher revenue from hospitals. Financial and insurances services saw revenue rise 4 per cent.

Takings rose 3.2 per cent in information and communications, and 2.9 per cent in recreation and personal services.

Business services performed the worst, with takings up a marginal 0.1 per cent year on year.

The quarterly business receipts index excludes wholesale and retail trade, as well as accommodation and food services.