Business receipts in service industries rise 9.7% YoY in Q2 2024

Information and Communications led business receipts growth.

Business receipts of the service industries, excluding Wholesale Trade, Retail Trade, Accommodation and Food Services, grew 9.7% YoY and 2.7% QoQ in the second quarter of 2024 (Q2 2024).

The Department of Statistics Singapore (SingStat) said all industries except Administrative & Support Services recorded higher revenue during the quarter, increasing overall business receipts.

Administrative & Support Services saw a 0.2% YoY decline in business receipts.

Amongst industries, Information and Communications had the largest year-on-year growth, with receipts rising by 22.2%.

Real Estate (+2.7% YoY), Finance and Insurance (+11.0% YoY), Professional Services (+1.1% YoY), Health & Social Services (+10.3% YoY), Recreation & Personal Services (+7.0% YoY), Education (+6.3% YoY) and Transportation & Storage (+7.0% YoY) also recorded revenue increase in Q2 2024.

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Department of Statistics

Singapore Business Receipt Index

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