Singapore’s Business Receipts Index rises 5.3% as services expand

The main laggards were transportation and storage, down 7.5% due to weaker earnings.

Singapore’s Business Receipts Index for services industries excluding trade, retail, accommodation, and food services rose 5.3% YoY in the third quarter of 2025, according to SingStat.

On a non-seasonally adjusted basis, receipts were 0.7% higher QoQ. The index stood at about 176.7 in Q3, up from 175.5 in Q2 and slightly above 176.4 in Q4 2024.

Growth was broad-based but led by recreation and personal services, which increased 17.7% YoY on the back of stronger gaming activity.

Information and communications rose 12.0%, supported by gains in games publishing, data analytics and hosting, and search engine services. Professional services grew 10.4%, followed by finance and insurance, up by 6.3%; real estate, up by 5.0%; health and social services, up by 4.6%; and education, up by 4.4%.

The main laggards were transportation and storage, down 7.5% due to weaker earnings among shipping lines and freight arrangers, and administrative and support services, which fell 1.6%.

Quarter-on-quarter, professional services rose 3.4%, health and social services 3.0%, Education 2.9%, transportation and storage 2.4%, finance and insurance 1.9%, and real estate 1.0%.

Declines were recorded in administrative and support services, down by 3.7%; information and communications, down by 3.2%; and recreation and personal services, down by 0.8%.

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