How high do business sectors expect their revenue to jump in Q3

One sector expects its operating receipts to increase by 55%.

Most business sectors in Singapore believe their operations and revenue will be better in July, August, and September, data from the Department of Statistics (Singstat) showed.

Amongst businesses, those in the accommodation industry were the most upbeat about third quarter (Q3) earnings, expecting a 55% jump in their operating receipts.

Singstat said the more positive outlook is likely because of the resumption of global travel and an increase in tourist arrivals.

Behind accommodation was the food and beverage services industry which expects revenue to jump 54%. 

“They anticipate more customers with the lifting of dine-in restrictions,” Singstat said.

Other industry which expect a double digit growth in their revenues are Recreation, Community & Personal Services (25%); Transportation & Storage (29%); Retail Trade (23%); Professional Services (18%); Finance & Insurance (12%); Real Estate (11%); and Wholesale Trade (11%).

Businesses in the Information & Communications industry, and those offering Administrative & Support Services, on the other hand, expect a very small increase of 1% in their respective revenues for Q3. 

Apart from revenue, all business sectors also expect hiring activity to improve in Q3.

The sector which foresees the highest increase in employment for Q3 was accommodation (54%), followed by Recreation, Community & Personal Services (23%), and Retail Trade (22%).