Singapore services receipts growth slows to 10.9% in Q4 2022

SINGAPORE’S services industries recorded a 10.9 per cent year-on-year rise in business receipts in the final quarter of 2022, easing from the revised 15.9 per cent growth rate in Q3, data from the Department of Statistics (Singstat) indicated on Monday (Feb 27).

On a non-seasonally adjusted quarterly basis, business receipts were up 2.9 per cent in Q4, widening from the previous quarter’s 2.6 per cent increase.

Singstat’s business receipts index excludes wholesale trade, retail trade, and accommodation and food services, which are tracked separately.

All services industries in the index grew year on year, and most grew quarter on quarter, except for transportation and storage.

Recreation and personal services marked the largest jump in takings on the year, up 36.8 per cent.

This was mainly due to increased earnings of firms in the gaming and attractions segment in Q4 2022 compared to the year-ago period, when stricter Covid-19 restrictions on operating capacity and social gathering group sizes were in place, Singstat said.

In Q3, this industry had been up 70.7 per cent on the year.

Also registering a marked increase was the information and communications industry, where receipts were up 14.9 per cent, on the back of increases in business activities of software developers and IT consultancy firms.

Double-digit growth was also observed in finance and insurance (12.8 per cent), real estate (12.6 per cent) and professional services (11.5 per cent).

On a quarterly basis, business receipts rose most for professional services – a double-digit growth of 13.3 per cent.

“Within the industry, firms engaged in legal, head office and business and management consultancy activities reported an increase in revenue,” Singstat said.

Marking the second-largest increase on the quarter was information and communications (7.4 per cent), for which takings had fallen 2.1 per cent in Q3.

The only industry to decline quarter on quarter in Q4, transportation and storage, registered an 8.5 per cent fall in business receipts compared to Q3. This was mainly attributed to lower revenue received by shipping lines and freight forwarders.