Business receipts climbed 8% in Q3
The infocomm segment's business receipts surged 11.3%.
Business receipts in Singapore’s services sector rose 8% YoY in Q3, data from the Department of Statistics (SingStat) revealed. On a QoQ basis, business receipts inched up 2% compared to Q2.
All segments sealed growth in terms of business receipts led by the information and communication industry where business receipts grew 11.3% YoY. This was followed by segments such as finance and insurance, education, and business services were expansion rates were recorded at 10.6%, 9.7%, and 6.3%, respectively.
Other segments such as recreation and personal services (6.2%), transport & storage (5.6%), and health and social services (5.5%) also sealed improvements in their business receipts.
On a QoQ basis, all segments also saw growth in business receipts, except for the business services where business receipts dipped 1.6% compared to Q2, the SingStat data showed.
The education segment saw the highest QoQ increase of 15.3% in terms of business receipts. This was followed by the 8.9% growth in business receipts in the recreation and personal services segment.
Other segments saw relatively marginal QoQ growth in their business receipts including finance & insurance (3.1%), health & social services (2.3%), information & communications (2.2%), and transport & storage (1.5%).