Growth in services sector sales cools in Q2
Quarter on quarter, business receipts stayed roughly the same level as in the past two quarters
[SINGAPORE] Takings in the business services sector in the second quarter continued to grow slower year on year, says the latest Business Receipts Index for Services Industries.
And they were flat against the first quarter, according to the index released on Wednesday by the Department of Statistics.
Compiled at current prices, the index exclude wholesale & retail trade and accommodation & food services.
In the second quarter, the index shows services industries like financial & insurance, real estate, rental & leasing, education and health & social services raked in 2.8 per cent more sales than they did in the same quarter last year.
But this was slower than the 4.9 per cent and 7.1 per cent growth posted respectively, in the previous two quarters.
The business receipts in the index include income from services rendered, sales of goods, commission fees as well as rental of premises and machinery and equipment.
Quarter on quarter, the second-quarter business receipts in the services sector stayed roughly the same level as in the past two quarters. Sales inched up a measly 0.2 per cent in the quarter, with real estate, rental & leasing services posting the biggest jump of 5.8 per cent.
Health & social services rose just 1.6 per cent, the second biggest increase. Financial & insurance services reported 1.4 per cent gain, while transport & storage was up 0.4 per cent.
Turnover in information & communications services remained unchanged from the first quarter.
Education services took a steep dive in the second quarter, with takings plummeting 16.5 per cent from the previous quarter. Recreation & personal services tumbled 1.4 per cent and business services excluding real estate, rental & leasing services dipped 0.7 per cent.
Compared to the same quarter in 2013, all services industries in the second quarter posted growth, except for business services excluding real estate, rental & leasing where business receipts remained about the same as a year ago.
Health & social services saw the biggest year-on-year jump in business in the second quarter, with receipts swelling 8.2 per cent. The Department of Statistics says this was "due mainly to hospitals registering higher receipts compared to the same period last year".
Among other services industries that did well were financial & insurance services (+4.5 per cent), education services (+4.1 per cent), information and communications services (+3.3 per cent), real estate, rental & leasing services (+2.3 per cent), recreation & personal services (+2.1 per cent) and transport & storage services (+1.4 per cent).
