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Singapore's business receipts continue to rise in Q1, but pace is slowing down

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Singapore's services industries saw an increase in takings in the first quarter of 2019, even as the pace slowed down from before, according to data from the Department of Statistics on Monday.

SINGAPORE’S services industries saw an increase in takings in the first quarter of 2019, even as the pace slowed down from before, according to data from the Department of Statistics (SingStat) on Monday.

Overall services’ business receipts grew by 3.6 per cent in Q1 compared to a year ago, easing from the 4.1 per cent seen in the last quarter of 2018.

All the services industries registered higher revenues in Q1, with growth led by the information & communications services industry. It recorded an increase of 7.2 per cent in takings, due mainly to higher receipts from firms engaged in computer programming & consultancy services, and information service activities such as Web hosting and Web portal services.

The financial & insurance services, and transport & storage services industries also reported increases in revenue of 7 per cent and 3.9 per cent respectively.

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On a quarterly basis, business receipts dipped by 0.4 per cent in Q1 compared to Q4 in 2018.

Performance was mixed among the industries, with the transport & storage services industry contributing the most to the drag. Its business receipts for the industry declined 5.6 per cent, attributed mainly to the water transport segment, which received lower demand for their services.

On the flip side, the recreation & personal services industry recorded a quarter-on-quarter increase of 7.3 per cent in revenue. The education services industry also clocked a rise of 3.7 per cent in turnover.

The Business Receipts Index, which leaves out wholesale and retail trade and accommodation and food services, measures short-term changes in services income from business operations on a quarterly basis.