, Singapore

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%). 

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Chua spent 18 years with UBS Wealth Management prior to his new role.
Private-sector economists polled by the Monetary Authority of Singapore expect higher growth, faster inflation in 2021. Economists and analysts from the private sector expect the Singapore economy to grow by 6.8% for the full year of 2021, according to the latest Monetary Authority of Singapore (MAS) survey of professional forecasters. The forecast for the June survey is higher than the 5.8% forecast from the March survey. The twenty-seven respondents expect manufacturing to grow by 8.3%, finance & insurance by 6.0%, construction by 19.3%, wholesale & retail trade by 4.4% and accommodation & food services by 6.5%. Private consumption is expected to grow by 5.2%, lower than the 7.9% forecast from the past survey. Non-oil domestic exports is expected to grow by 7.5% for the full year of 2021. CPI-all items inflation and MAS Core inflation are expected to come in at 1.4% and 0.8% respectively for the full year of 2021. For the second quarter, the economists expect CPI inflation to come in at 1.9% and core inflation to come in at 0.7%.  
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