Business receipts of service industries rise 4.8% YoY in 4Q23

Recreation & Personal Services had the highest growth in revenue amongst industries.

Business receipts of the service industries, excluding Wholesale Trade, Retail Trade, Accommodation and Food Services, grew  4.8% YoY and 5.9% QoQ in the fourth quarter of 2023 (4Q23).

The Department of Statistics Singapore (SingStat) said most industries recorded higher revenue during the quarter, increasing overall business receipts.

Amongst industries, Recreation & Personal Services had the largest growth, with receipts rising by 18.9% YoY.

Real Estate (+4.4% YoY), Finance and Insurance (+10.2% YoY), Professional Services (+1.7% YoY), Information and Communications (+19.0% YoY), Education (+0.3% YoY), Health & Social Services (+4.6% YoY) also recorded revenue increase in 4Q23.

On the other hand, Transportation & Storage (-13.0% YoY) and Administrative and Support Services (-7.8% YoY) recorded declines.