Services industry revenues weakened by 1.5% in Q1 | Singapore Business Review
, Singapore
1 view

Services industry revenues weakened by 1.5% in Q1

Administrative, recreation, and real estate services saw double-digit declines in revenue.

Overall service industries business receipts declined by 1.5% in the first quarter, according to the latest data from the Singapore Department of Statistics (DOS).

Whilst the information & communications and health & social service industries saw 21.0% ad 7.7% increase in revenue respectively, the finance & insurance and education industries saw muted 1.5% and 0.8% growth.

This was further dragged down by double-digit declines in the business receipts in the administrative & support services (-19.9%), recreation & personal services (-18.8%) and real estate (-12.6%) industries.

The transportation & storage and professional services industries likewise declined by -7.4% and -2.3% respectively.

In a press statement, the DOS said that the decline in the administrative & support services industry was due to qeaker demand for services of firms engaged in rental and leasing of construction and transport equipment.

Recreation & personal services declined due to fewer buesiness activities in the attractions and gaming activities due to the COVID-19 pandemic.

An increase in business activities of game publishers and web portals drove the growth in the information & communications industry.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
There were about 2,600 newly launched units in January 2021. 
The company again deferred the listing due to uncertain market conditions.
Initial estimates showed its operational profit grew 15.5% in the first quarter.
This will allow more businesses to have an alternative avenue to fund meritorious claims.
The government agency is assessing whether the joint venture infringes on competition laws.
HongkongLand saw the sharpest decline during Monday's trading, with a 2.98% drop.
Clients can buy and sell securities in 10 markets worth up to US$10m daily.
The new partner VCs are bringing in $30m of potential funding in the programme.
He will lead the bank’s use of technology, data, and design to develop financial solutions.
Group activities for five persons will now be allowed.
Pubs, bars and nightclubs may only resume F&B operations.
The properties are located in France and Vietnam.
This reflects a 318% decrease from its $438m profit in 2021/20.
City Developments Ltd saw the sharpest decline during Friday's trading, with a 1.61% drop.