Growth in services sector's business receipts moderates to 2.8% in Q2

But the transport and storage services industries continued to grow by 5.6%.

Overall business receipts of the services sector climbed 2.8% YoY in Q2, marking a contraction as compared to the 3.4% figure in Q1, according to data from the Department of Statistics.

Its growth was thanks to higher revenues from all industries, led by the transport & storage services industry which registered a growth of 5.6% in revenue. Within the said industry, the water and air transport segments increased in revenue due to higher demand for their services.

Education services and health & social services industry both registered revenue increases of 4.2% YoY during the same period, whilst financial & insurance services’s revenue edged up by 4%.

Meanwhile, the information & communications services saw a 3.2% climb in revenue. Recreation & personal services and business services inched up 2.9% and 0.1%, respectively.

On the other hand, the transport & storage services industry countered the quarterly declines as its revenue climbed 4.1%, followed by the business services industry which registered a 2.9% QoQ revenue increase. Firms engaged in professional services also reported an increase in revenue.