Chart of the day: Service industry business receipts leaps 13.2% in Q1

The quarterly change saw business receipts dip by 1.6%.

This chart by Singapore’s Department of Statistics (Singstat) shows that overall business receipts of the services industries, excluding wholesale trade, retail trade, and accommodation and food services, increased by 13.2% in the first quarter of 2022 compared to the same quarter in 2021.

All industries registered higher business receipts this year. The Transportation & Storage industry registered a growth of 41.7% year-on-year (YoY) in revenue attributed mainly to the air and water segments. Air transport firms saw a flurry of business activities since global travel restrictions eased.

Similarly, shipping lines saw an increase in freight rates and volume, resulting in higher revenue for the water transport segment.

The information and communications industry reported an increase of 22.6% YoY in receipts due mainly to online marketplaces and web portals receiving higher revenue arising from an increase in business activities. Meanwhile, the professional services industry recorded a growth of 10.1% YoY. Within the industry, firms engaged in legal, accounting, and architectural and engineering activities reported higher revenue.

On a quarter-on-quarter (QoQ) non-seasonally adjusted basis, however, overall business receipts decreased by 1.6% in the first quarter of 2022. Comparing each industry on their QoQ performance, the professional services industry registered a double-digit decline of 10.9% QoQ in turnover, particularly those firms engaged in head office activities and business and management consultancy activities reported lower revenues compared to the previous quarter.

The information and communications industry, almost similarly, recorded a decrease of 5% QoQ in receipts, attributed mainly to the firms engaged in software publishing (which includes games publishing).

Meanwhile, the Real Estate industry registered an increase of 4.4% QoQ in receipts, due mainly to real estate developers and firms letting out real estate properties.