Business receipts surged 8.8%

The overall year-on-year change was led by the financial & insurance industry which reported higher turnover of 17%.

According to the Singapore Department of Statistics, all services industries experienced growth on a year-on-year basis. Also registering double-digit growths were the industries of education services and information & communication services, with 15.4% and 11.5% increase in their receipts respectively.

However, business receipts for the business services, transport & storage and health & social work industries registered small declines in their turnover compared to the last quarter of 2009.

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