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Business receipts of service industries rise 3.9% YoY in 2Q23

Recreation & Personal Services had the highest growth in revenue amongst industries.

Business receipts of the service industries, excluding Wholesale Trade, Retail Trade, Accommodation and Food Services, grew 3.9% YoY and 2.4% QoQ in the second quarter of 2023.

The Department of Statistics Singapore (SingStat) said most industries recorded higher revenue during the quarter, increasing overall business receipts.

Amongst industries, Recreation & Personal Services had the biggest growth, with receipts rising by 19.6% YoY.

Real Estate (+12.6% YoY), Finance & Insurance (+13.4% YoY), Professional Services (+4.0% YoY), Information & Communications (+8.8% YoY), Education (+2.9% YoY), Health & Social Services (+7.7% YoY) also recorded revenue increase in 2Q23.

On the other hand, Transportation & Storage (-16.8% YoY) and Administrative & Support Services (-7.2% YoY) recorded declines.

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