Singapore services sector takings fall 1.1% in Q1

• May 27, 2020

SINGAPORE’S services sector saw receipts fall 1.1 per cent year on year in the first quarter of 2020, in a reversal from the previous quarter’s 4.5 per cent growth, according to a Department of Statistics release on Wednesday.

Amid the Covid-19 outbreak, the greatest decline was for recreation and personal services. But the quarterly index excludes wholesale and retail trade, as well as accommodation and food services – sectors that have been severely hit by the pandemic and accompanying control measures.

Revenue fell 24.1 per cent in the recreation and personal services industry, due mainly to firms in the attractions segment. Similarly, business receipts fell 4.7 per cent for transport and storage services, with the air transport segment seeing a decrease due to global travel restrictions related to Covid-19.

Revenue also fell 3.1 per cent for business services, and 1.3 per cent for health and social services.

In contrast, turnover rose 5.6 per cent for education services, and 3.7 per cent for financial and insurance services.

Receipts also rose 2.8 per cent for information and communications services, due mainly to firms engaged in computer programming and consultancy services, as well as web hosting and web portal services.

On a quarterly, non-seasonally-adjusted basis, business receipts fell 5.9 per cent, a sharp turnaround from the 4.4 per cent growth in the fourth quarter of 2019.

Source: https://www.businesstimes.com.sg/government-economy/singapore-services-sector-takings-fall-11-in-q1