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Singapore's service sector takings up 8.5% in Q1

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Singapore's service sector had a strong start to the year, with business receipts up 8.5 per cent in the first three months of 2018 compared to the same period a year earlier, according to latest figures from the Statistics Department on Friday.

SINGAPORE'S service sector had a strong start to the year, with business receipts up 8.5 per cent in the first three months of 2018 compared to the same period a year earlier, according to latest figures from the Statistics Department on Friday.

However, on a quarter-on-quarter non-seasonally-adjusted basis, takings were up just a marginal 0.1 per cent from the last quarter of 2017.

All services industries saw a year-on-year rise in takings during the first quarter. The financial and insurance sector saw the biggest gains, up 14.2 per cent from a year ago. Health and social services also saw double-digit growth of 13.2 per cent.

Business receipts rose 9.9 per cent in information and communications, 8.9 per cent in recreation and personal services, 5.3 per cent in business services, 4.0 per cent in transport and storage, and 2.6 per cent in education.

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The figures exclude wholesale and retail trade, and accommodation and food services.

Seeing the highest quarter-on-quarter growth was recreation and personal services (4.0 per cent). Also up from the previous quarter were receipts in financial and insurance (3.7 per cent), health and social services (3.5 per cent) and education (0.8 per cent).

But takings were down for transport and storage (-3.7 per cent), business services (-2.0 per cent) and information and communications (-1.8 per cent), compared to the previous quarter.

 

 

Amendment note: An earlier version of this story incorrectly said that on a quarter-on-quarter basis, takings for business services changed 2.0 per cent and information and communications, 1.8 per cent. It should have been -2.0 per cent and -1.8 per cent respectively. The article above has been revised to reflect this.

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