Singapore's Services Sector Sees 3.2% Growth in Q3 Business Receipts

28 Nov, 2023

Singapore's Services Sector Sees 3.2% Growth in Q3 Business Receipts

Singapore's Department of Statistics (DOS) reports a 3.2% increase in overall business receipts within the services industries (excluding Wholesale Trade, Retail Trade, Accommodation, and Food Services) in the third quarter of 2023 compared to the previous year.

With the exception of the Transportation & Storage and Administrative & Support Services sectors, all other industries showcased higher year-on-year business receipts, according to the DOS's Business Receipts Index released recently.

Quarter-on-quarter, there was a non-seasonally adjusted 1.9% rise in overall business receipts in Q3 2023. Except for the Transportation & Storage and Professional Services industries, all other sectors exhibited increased business receipts.

The Recreation & Personal Services industry experienced a significant 20.8% revenue boost, predominantly driven by higher earnings in sports, gaming, and attractions segments.

Likewise, the Information & Communications industry surged by 15%, witnessing increased business receipts across various segments like software development, IT consultancy, information services, and online marketplaces.

Conversely, the Transportation & Storage industry encountered a 20.7% decline in turnover, primarily attributed to decreased revenue in the water transport segment due to lower freight rates in the shipping industry.