Services sector companies hit with lower turnover in Q1

Business receipts slipped 3.8%.

Companies in the services sector reported lower incomes in the first quarter. Data from the Department of Statistics show that business receipts of the services sector declined 3.8% in the first quarter, on back of lower turnover of the business services and recreation & personal services industries. 

Business or operating receipts refer to the income earned from business operations, that is, income from services rendered, sale of goods, commission fees as well as rental of premises and machinery and equipment.

On a year-on-year basis, overall business receipts rose 0.3%. All services industries fared well, except for the recreation & personal services and transport & storage services industries.

The data exclude wholesale and retail trade and accommodation and food services.