Business receipts in services sector climbed 4.6% in Q4 2019

Revenues in the transport & storage services industry grew 5.6%.

The value of business receipts in Singapore’s services sector jumped 4.6% YoY in the fourth quarter of 2019, higher than the 2.3% YoY growth recorded in Q3 2019, data from the Department of Statistics revealed. All industries reported higher revenue.

The transport & storage services industry registered a growth in revenue of 5.6%. Within the industry, airlines and shipping companies were amongst those that reported an increase in revenue.

Similarly, the recreation & personal services industry registered an increase in turnover of 5.4%, mainly due to firms engaged in recreational services.

On a quarterly basis, overall business receipts increased 4.5% in Q4 2019 compared to Q3 2019. All industries registered higher business receipts as compared to the previous quarter.

Business receipts of the information & communications industry reported a QoQ increase of 6.9%. Firms engaged in computer programming and consultancy services and information service activities, such as web hosting and web portal services, reported an increase in demand for their services.

The transport & storage industry also recorded a growth in turnover of 6.1%, attributed to firms in the water and air transport segments.

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