Singapore Services Receipts Growth Slows for 5th Straight Quarter to 3.2% in Q3

The Business Times2023-11-27

Singapore’s services industries posted a 3.2 percent year-on-year rise in business receipts in Q3, easing from the revised 3.8 percent increase in the preceding quarter, data from the Department of ...

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The latest print marked the fifth consecutive quarter of slowing growth.On a non-seasonally adjusted quarterly basis, business receipts were up 1.9 percent in Q3, extending the previous quarter’s 2.2 percent expansion.Singstat’s business receipts index excludes wholesale trade, retail trade, and accommodation and food services, which are tracked separately.Almost all services industries in the index grew year on year and quarter on quarter, with a few exceptions.Recreation and personal services recorded the biggest year-on-year jump in takings, up 20.8 percent. This came on the back of higher earnings of firms in the sports, gaming and attractions segments.Information and communications (15 percent) and finance and insurance (11.7 percent) also recorded double-digit growth. The increase in information and communications earnings was mainly due to higher business receipts across various segments, such as software development, IT consultancy, information services and online marketplaces.Transportation and storage, on the other hand, posted a 20.7 percent year-on-year decline in the third quarter. In particular, the water transport segment posted a fall in revenue, due to lower freight rates in the shipping industry.Administrative and support services also recorded a fall on year, slipping 7 percent.Sequentially, business receipts also rose most in recreation and personal services, up 9.9 percent. This was mainly attributed to stronger business performance in the arts, entertainment and recreation segments.It was followed by education, with receipts up 5.8 percent, mainly due to an increase in fees received by higher education institutions.In contrast, transportation and storage registered a 1.5 percent drop in turnover on a non-seasonally adjusted quarter-on-quarter basis.Professional services similarly slid 1.5 percent, which Singstat said was due to firms engaged in accounting, auditing, head offices, architectural and engineering activities reporting lower revenue in the third quarter of this year.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1167400375"}