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Singapore services industries see revenue decline ease in Q1 to -1.5%
THE decline in receipts for Singapore’s services industries eased further in the first quarter of this year, with a dip of 1.5 per cent year on year, according to data from the Department of Statistics (SingStat) on Thursday.
This is an improvement from the revised 7.6 per cent decline seen in Q4.
Quarter on quarter, overall business receipts fell 0.6 per cent, with performance mixed across the various industries.
The information and communications industry was the star performer in Q1, with turnover jumping 21 per cent year on year.
SingStat said this is mainly due to an increase in business activities of game publishers and Web portals, such as online marketplaces and search engines.
On the other hand, the administrative and support services industry was the worst hit, with takings falling 19.9 per cent year on year.
This was a result of weaker demand for the services of firms engaged in rental and leasing of construction and air transport equipment, SingStat said.
The recreation and personal services industry came a close second with an 18.8 per cent year-on-year decline in revenue.
This was because business activities in the attractions and gaming segments continued to be adversely affected by the global travel restrictions as a result of the Covid-19 pandemic, SingStat said.
On a quarter-on-quarter basis, the professional services industry was the only one that recorded a double-digit fall in revenue at 12.5 per cent.
SingStat said firms in legal activities, architectural and engineering services and business and management consultancy services were among those that reported lower revenue due to a lower demand for their services.
At the same time, the education sector marked a 7.5 per cent growth in takings. This was attributed mainly to firms in higher education and corporate training services, SingStat said.
Source: https://www.businesstimes.com.sg/government-economy/singapore-services-industries-see-revenue-decline-ease-in-q1-to-15