,Singapore

Services sector revenue climb 16% YoY in Q3

This was driven by higher business receipts across eight sectors.

The services sector registered higher business receipts on a year-on-year (YoY) and quarter-on-quarter (QoQ) basis in the third quarter (Q3) of 2021, increasing 16% and 4.8%, respectively.

The overall receipts do not include wholesale trade, retail trade, and accommodation, and food services.

Amongst the sectors, only the recreation and personal services sector recorded a decline in revenue for Q3, dipping 13.3% YoY and 13.7% QoQ.

The Singapore Department of Statistics (SingStat) said the tightened restrictions on group sizes in attractions and sports facilities had an impact on the sector's lower business receipts.

The biggest gainers for the quarter were transportation and storage, whose business receipts soared by 39.1% YoY and 13.9% QoQ; and information and communications, which recorded an increase of 39.4% YoY and 7% QoQ in its revenue.

SingStat said the uptick in the transportation and storage sector was due to an “increase in business activities in the air transport segment with the easing of global travel restrictions.”

Meanwhile, information and communications grew in Q3 due to “higher revenue from firms engaged in software publishing and web portals.”

Other sectors which had a rise in business receipts were finance and insurance (10.5% YoY, 3.4% QoQ); real estate (13.5% YoY, 3.9% QoQ); professional services (8.4% YoY; 1.7% QoQ);  administrative and support services (0.9% YoY, 1.9% QoQ); education (6.6% YoY, 3.9% Qoq); and health and social services (9.0% YoY, 3.5% QoQ).

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