Chart of the Day: New businesses in Singapore grew 2.2% in six years

Retail trade and communications sectors gave way to new businesses between 2010 to 2016.

This chart from the Ministry of Trade and Industry Singapore (MTI) shows the number of new businesses increased 2.2% between 2010 to 2016.

A business formation trend stabilised between 2010 and 2013, spiked in 2014 then eased in 2015 and 2016.

The average number of new businesses formed annually from 2015 to 2016 was 27,800, still higher than the annual average of 25,700 within 2010 to 2014.

Across sectors, Retail trade and Information & Communications contributed the most to overall business formation.

In 2014, the number of retail businesses rose sharply by 104% due to the creation of brick-and-mortar and online shops. The number moderated in the next two years due to slow sales and labour constraints.

One the other hand, the number of transportation & storage businesses grew 300% and 39% in 2015 and 2016, respectively.

Car-hire platforms like Uber and Grab likely encouraged new business registrations for land systems transport within the market.

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