More firms in service sector fared better this year: Index

The recreation and personal services and business services segments did not fare so well. Revenue in the latter segment slid 1.8 per cent over the corresponding quarter last year, while the former experienced a 0.5 per cent dip.
The recreation and personal services and business services segments did not fare so well. Revenue in the latter segment slid 1.8 per cent over the corresponding quarter last year, while the former experienced a 0.5 per cent dip.ST FILE PHOTO

Firms in the service industry saw modest growth from July to September, with takings 2.3 per cent higher than in the same quarter a year ago.

Companies in most segments fared better than they did last year, going by the service business receipts index released yesterday by the Statistics Department.

The financial and insurance service segment was again the strongest performer. Takings for firms in this cluster went up 8.2 per cent, after a 9.5 per cent rise in the preceding quarter.

This was followed by the health and social service segment, which expanded 5.1 per cent year-on-year.

In information and communications, education, and transport and storage, companies also enjoyed a rise in income compared with the year before. However, the recreation and personal services and business services segments both suffered declines. Revenue in the business services segment slid 1.8 per cent over the corresponding quarter last year, while firms in recreation and personal services experienced a 0.5 per cent dip.

Based on the data, the third quarter saw service takings tick up 0.1 per cent above what was posted for the April to June period.

Quarter-on-quarter data, not adjusted for seasonal factors, showed growth across almost all segments, except information and communications, and financial and insurance.

Yesterday's data excluded wholesale and retail trade, and accommodation and food service.

A version of this article appeared in the print edition of The Straits Times on November 28, 2015, with the headline 'More firms in service sector fared better this year: Index'. Print Edition | Subscribe