Business receipts of service industries rise 3.2% YoY in 3Q23

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 3.2% YoY and 1.9% QoQ in the third 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 20.8% YoY.

Real Estate (+4.6% YoY), Finance and Insurance (+11.7% YoY), Professional Services (+2.8% YoY), Information and Communications (+15.0% YoY), Education (+7.4% YoY), Health & Social Services (+5.8% YoY) also recorded revenue increase in 3Q23.

On the other hand, Transportation & Storage (-20.7% YoY) and Administrative and Support Services (-7.0% YoY) recorded declines.