Services sector generates higher business receipts
Education services led the gainers this quarter with a 20.9% growth while business services tumbled 6%.
In general, more services sub-sectors improved the first quarter of 2012, resulting in the 1% qoq expansion in business receipts.
"Business receipts for the services sector, excluding wholesale & retail trade and accommodation & food services, increased by 1.0% in first quarter 2012 over the previous quarter (non-seasonally adjusted). On a year-on-year basis, overal business receipts rose 6.8%," said Statistics Singapore in a release.
"Quarter-on-quarter change. Services industries which reported higher business receipts included education services (20.9%), recreation & personal services (6.2%), health & social services (5.9%), financial & insurance services (5.1%) and information & communications services (1.4%)," it said.
"In contrast, business services excluding real estate, rental & leasing services recorded a drop of 6.0% in business receipts. Turnover of transport & storage services and real estate, rental & leasing services also declined by 2.4% and 2.0% respectively," it added.
"Year-on-year change. All services industries fared well compared with first quarter 2011. In particular, the health & social services as well as recreation & personal services industries experienced double-digit growth of 13.7% and 11.3% respectively," it said further.