Home
where some see barriers, we see bridges
  • Investment and Financial Consulting

  • Investment and Financial Consulting

  • Investment and Financial Consulting

  • Investment and Financial Consulting

  • Investment and Financial Consulting

  • Investment and Financial Consulting

  • Investment and Financial Consulting

News > Singapore services receipts up 14.7% in Q2

Singapore services receipts up 14.7% in Q2

Wednesday 31 August 2022

Singapore’s services industries recorded a 14.7 per cent rise in business receipts on the year for the second quarter, according to the Department of Statistics (Singstat). This marks an improvement from the 12.7 percent year-on-year growth observed in the previous quarter.

On a quarter-on-quarter non-seasonally adjusted basis, business receipts were also up 4.9 percent in Q2, recovering from a 1.8 per cent fall 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 new year-on-year growth. In particular, the transportation and storage industry saw the largest increase at 40.9 percent from the year-ago period.

The growth was mainly attributed to the increase of business activities in the air transport segment, on the back of the easing of global travel restrictions and the reopening of Singapore’s borders to vaccinated travellers.

Maybank economist Chua Hak Bin noted that the “sudden demand surge” for travel could also have lifted air fares in the face of limited capacity, lifting receipts for the industry.

The water transport segment also recorded strong revenue growth.

Also seeing a large year-on-year rise was the recreation and personal services industry, which expanded 34.4 per cent in Q2, due mainly to the gaming and attractions segment, which benefitted from the easing of Singapore’s Covid-19 safe management measures.

All other industries — information and communications, professional services, real estate, health and social services, finance and insurance, administrative and support services, and education — also saw higher business receipts.