Business receipts of service industries rise 10.9% YoY in Q422

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 10.9% YoY and 2.9% QoQ in the fourth quarter of 2022.

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 revenue rising by 36.8% YoY.

Transportation & Storage (+6.3% YoY), Real Estate (+12.6% YoY), Finance & Insurance (+12.8% YoY), Professional Services (+11.5% YoY), Information & Communications (+14.9% YoY), Education (+1.1% YoY), Health & Social Services (+6.0% YoY), and Administrative & Support Services (+4.5% YoY) also recorded revenue increase in Q4.