The 7.9% decline recorded in Q4, 2020 continued from Q3’s decrease of 10.2%.
Revenue of service businesses has decreased by 7.9% YoY in Q4 2020, marking an improvement from the 10.2% YoY decline in Q3, according to the Department of Statistics’ (SingStat) Business Receipts Index.
The full-year revenue decline is at -8.3%, as compared to 2019’s 3.2% revenue growth.
SingStat reported that for Q4 2020, only the information & communications and finance & insurance industries did not register lower business receipts.
The recreation & personal services and transportation & storage industries recorded YoY declines in their revenue of 37.6% and 22.4%, respectively, during the period as business activities in the attractions, gaming and air transport segments continued to be negatively affected by the global travel restrictions brought by the COVID-19 pandemic.
The administrative & support services industry also recorded a 22.5% drop in receipts, due mainly to firms in the rental and leasing of construction machinery & equipment and air transport equipment.
On the other hand, the information & communications services industry reported a growth in turnover of 12.1%, attributed mainly to an increase in business activities of software publishers, including firms engaged in games publishing.
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