Services business receipts jumped 8.5% in Q1

The financial and insurance services sector led the growth at 14.2%.

Business receipts of the services industries, excluding wholesale & retail trade and accommodation & food services, grew by 8.5% YoY in the first quarter of 2018.

According to data from the Department of Statistics (SingStat), all industries registered higher revenue compared to the first quarter 2017, with double-digit growths recorded in financial & insurance services (14.2%) and health & social services (13.2%).

The information & communications services industry also grew by 9.9%, with higher revenue registered by firms engaged in software publishing and information service activities (such as data centre and web portal services).

On a quarterly basis, overall business receipts stayed flat as the performance was mixed amongst the industries.

Business receipts of industries such as recreational & personal services, financial & insurance services, and health & social services grew between 3.5% and 4%. Industries which recorded lower turnover included transport & storage services (-3.7%) and business services (-2.0%).