Business receipts of service industries up 10.5% YoY in 1Q24

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 10.5% YoY but fell 0.8% QoQ in the first quarter of 2024 (1Q24).

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 largest year-on-year growth, with receipts rising by 25.9%.

Real Estate (+4.5% YoY), Finance and Insurance (+11.5% YoY), Professional Services (+1.7% YoY), Information and Communications (+24.9% YoY), Health & Social Services (+10.0% YoY), and Transportation & Storage (+5.4% YoY) also recorded revenue increase in 1Q24.

On the other hand, Administrative and Support Services (-0.1% YoY) recorded a decline.