Singapore services receipts up 13.2% in Q1

SINGAPORE’S services industries saw business receipts rise 13.2 per cent year on year for the first quarter, according to the Department of Statistics (Singstat) on Friday (May 27).

But on a quarter-on-quarter non-seasonally adjusted basis, business receipts were down 1.6 per cent in Q1.

Singstat’s business receipts index excludes wholesale trade, retail trade, and accommodation and food services, which are tracked separately.

All of the services industries in the index saw year-on-year growth. In particular, the transport and storage industry saw the biggest jump at 41.7 per cent year on year.

The growth in the transport and storage industry was mainly attributed to the air and water transport segments. Air transport firms saw an increase in business activity due to the easing of global travel restrictions, while shipping lines saw an increase in freight rates and volume.

Also seeing the biggest year-on-year growth was the information and communications industry, which expanded 22.6 per cent in Q1, due mainly to online marketplaces and web portals receiving higher revenue from an increase in business activities.

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However, performance within the industries was more mixed on a quarter-on-quarter non-seasonally adjusted basis.

Most saw growth, with the exception of the transport and storage; information and communications; professional services; and health and social services industries. In particular, the professional services industry registered a double-digit decline of 10.9 per cent in Q1.

Seeing the most quarter-on-quarter increases were the real estate and education industries, at 4.4 per cent and 3.7 per cent respectively.