Services revenue hits $6.09t in 2024

Finance and transport fuel revenue growth.

The services sector generated about $6.09t in operating revenue in 2024, the Department of Statistics said.

All services industries recorded operating revenue growth over the year, with Finance and Insurance posting the largest increase at 22.7%, driven mainly by holding companies and fund management activities.

Transportation and Storage rebounded after a contraction in 2023, with operating revenue rising 18.3% in 2024 due to a surge in sea freight rates.

Wholesale Trade remained the largest segment, with operating revenue of about $4.43t in 2024, up 5.1% from a year earlier, whilst Finance and Insurance rose to about $731b and Transportation and Storage to about $322b.

The statistics agency said public administration activities were excluded from the services sector coverage, and that estimates for Finance and Insurance were experimental.

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