Business receipts in Singapore jumped 7.7%

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According to the Department of Statistics, on a year-on-year basis, overall business receipts grew by 7.7% in second quarter 2013, with all services industries registering positive growth.

Compared with the same quarter in 2012, the business receipts of the financial & insurance services industry grew by 13.9% and that for the real estate, rental & leasing services by 11.5%.

Other services industries that experienced positive growth included health & social services (7.2%), information & communications services (6.5%), business services excluding real estate, rental & leasing services (6.5%), education services (4.1%), recreation & personal services (3.8%) and transport & storage services (1.0%).

Quarter-on-Quarter Change

Business receipts of the services industries, excluding wholesale & retail trade and accommodation & food services, rose 2.0% in second quarter 2013 over the previous quarter.

Higher business receipts were reported by firms in real estate, rental & leasing services (7.5%), followed by information & communications services (4.9%). Similarly, turnover of business services excluding real estate, rental & leasing services increased 4.5% while turnover of transport & storage services and health & social services rose 3.3% and 2.8% respectively during the same period.

In contrast, education services recorded a drop of 15.5% in operating receipts during the quarter. Business receipts received by recreation & personal services and financial & insurance services also fell marginally by 0.4% and 0.2% respectively.