Singapore services sector sees revenue rise 16% in Q3

SINGAPORE – The services sector saw business receipts rise 16 per cent year on year in the third quarter of 2021, with the sole exception of the recreation and personal services industry.

Revenue was also up 4.8 per cent on a quarter-to-quarter non-seasonally adjusted basis, according to data released by the Singapore Department of Statistics (SingStat) on Friday (Nov 26).

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

The information and communications industry reported an increase of 39.4 per cent in turnover year on year, attributed mainly to higher revenue from firms engaged in software publishing, including games publishing, and Web portals such as online marketplaces.

The same industry reported a growth of 7 per cent in turnover quarter on quarter, led by IT consultancy firms and software developers.

The transportation and storage industry recorded year-on-year growth of 39.1 per cent due to an increase in business activities in the air transport segment with the easing of global travel restrictions.

On a quarter-on-quarter basis, it recorded a double-digit increase of 13 per cent in revenue, due mainly to shipping lines seeing an increase in freight rates and volume.

Meanwhile, the recreation and personal services industry recorded a decline of 13.3 per cent in revenue year on year as attractions and sports facilities were affected by the tightened limits on group sizes at these venues, said SingStat.

It registered a quarter-on-quarter decrease of 13.7 per cent in receipts.

In particular, the attractions and gaming segments saw a decline in revenue as their business activities were affected by tightened restrictions on group sizes.

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