Singapore business turnovers creep up 1.1% in 2Q16

Thanks to well-performing recreation and business services industries.

Singapore’s overall services industries business receipts improved 1.1% QoQ in 2Q16 compared to the immediately preceding quarter. On a yearly basis, revenue of the services industries also inched up 0.4%.

Non-seasonally adjusted QoQ figures released by the Department of Statistics revealed that majority of the services industries had higher revenues this quarter with education services, and financial and insurance industries as exceptions.

The biggest gainer was the recreation and personal services industry at +4.9%, followed by business services at +3.7%. Trailing behind were health and social services, information and communications services, and transport and storage industry with marginal 1.6%, 1.0%, and 0.4% increases respectively.

The education services suffered the largest drop, 8.2%, while the financial and insurance industries dipped 0.3%.

On a YoY basis, the health and social services sector nabbed the heftiest growth at +7.7%. Education services was on the positive side and with the second biggest turnover at +5%.