Business receipts in service industries up 8.5% YoY in Q4

The finance & insurance sector led with a 14.2% revenue increase.

Singapore’s business receipts index for the services industries, excluding wholesale and retail trade, accommodation, and food services, recorded an 8.5% year-on-year increase in the fourth quarter of 2024, as per data from the Department of Statistics Singapore (SingStat).

The growth was broad-based, with all industries reporting higher revenues.

On a quarterly basis, non-seasonally adjusted business receipts rose 4.5%, though education, transportation & storage, and health & social services saw declines.

The finance & insurance industry led the expansion with a 14.2% increase in revenue, mainly driven by strong performances in the fund management and banking sectors. The transportation & storage industry recorded a 12.9% rise in turnover, supported by growth in water transport, warehousing, and freight transport arrangement services. Similarly, the health & social services sector saw a 10.1% increase in receipts, primarily due to higher medical revenue.

On a quarter-on-quarter basis, the professional services industry posted a 12% increase in receipts, with head offices, legal services, and management consultancies showing strong growth. The Recreational & Personal Services industry reported a 9.0% rise in turnover, largely driven by higher revenue from the gaming and attractions segments. In contrast, the Education sector registered a 6.0% decline, mainly due to lower receipts from universities as a result of the billing cycle.