Chart of the day: Service industry business receipts grew 15.4% YoY in 2021
The business receipts indices from 2019 to 2021 showed an upward trajectory.
The Department of Statistics released the Business Receipts Index for the fourth quarter (Q4) of 2021, which reflected positive growth for the whole year.
Overall business receipts of the services industries (excluding wholesale trade, retail trade, and accommodation and food services) increased 15.4% in Q4 2021, compared to the same quarter in 2020. All industries registered higher business receipts on a year-on-year basis.
There is an upward trajectory from the dip in the second quarter of 2020, which coincided with the beginning of the COVID-19 pandemic.
The Business Receipts Index for the services industries measures the short-term changes in the amount of business or operating receipts every quarter. Business or operating receipts is the income earned from business operations, which includes income from services rendered, sale of goods, commission fees as well as rental of premises, machinery, and equipment.