Service sector business receipts inched 2.8% higher in 1Q

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According to the Department of Statistics, business receipts of the services industries, excluding wholesale & retail trade and accommodation & food services, went up 2.8% in first quarter 2013 over the previous quarter.

Services industries which recorded higher turnover were education services (15.9%) and financial & insurance services (12.9%).

On the other hand, transport & storage services registered a decline of 3.5% in operating receipts in first quarter 2013 over the previous quarter. Information & communications services and recreation & personal services also registered lower turnover of 2.9% and 1.6% respectively during the same period.

Similarly, business receipts collected by firms in health & social services, real estate, rental & leasing services and business services excluding real estate, rental & leasing services dropped 0.6%, 0.5% and 0.2% respectively.

Year-on-Year Change
Compared with first quarter 2012, overall business receipts grew by 6.3%. All services industries registered positive growth during first quarter 2013 except for recreation & personal services and transport & storage services.

Financial & insurance services registered the highest growth of 11.9% in first quarter 2013 compared to the same quarter in 2012, followed by real estate, rental & leasing services at 9.6%.

Smaller growth was recorded by business services excluding real estate, rental & leasing (9.3%), education (4.0%), information & communications (3.3%) and health & social services (1.9%).

Recreation & personal services recorded a decrease of 3.5% in turnover, while business receipts for transport & storage services remained unchanged.