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.