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Singapore services receipts up 15.4% in Q4, higher than pre-Covid figures
SINGAPORE’S services industries saw business receipts rise 15.4 per cent year on year for the fourth quarter, according to the Department of Statistics (Singstat) on Friday (Feb 25).
Q4’s business receipts were even higher than in the fourth quarter of 2019, before the Covid-19 pandemic, Singstat’s data showed.
On a quarter-on-quarter, non-seasonally adjusted basis, business receipts were also up 7.2 per cent.
However, 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 saw both year-on-year and quarter-on-quarter growth in Q4.
On a year-on-year basis, transport and storage services saw the largest growth of 49.3 per cent, which Singstat attributed to air transport firms seeing an increase in business activities due to the easing of borders.
Shipping lines also contributed to the rise as they saw an increase in freight rates and volumes in Q4, resulting in higher revenue for the water transport segment.
Information and communications services saw high turnover of 32.4 per cent, due mainly to the high turnover from firms engaged in software publishing – including games publishing – and online marketplaces.
Both industries saw double-digit growth on a quarterly basis.
On a quarter-on-quarter basis, recreation and personal services saw the biggest change in receipts of 25.6 per cent, which Singstat said was led by the attractions and gaming segments.
The professional services industry also saw high revenue gains of 13.4 per cent, mainly from head office and architectural and engineering activities.
Source: https://www.businesstimes.com.sg/government-economy/singapore-services-receipts-up-154-in-q4-higher-than-pre-covid-figures