Services sector expands 4.2% in fourth quarter as all segments record growth

COMPANIES in the services industries enjoyed higher growth in the fourth quarter of last year, led by firms in education and real estate services.

The services sector's business receipts expanded by 4.2 per cent in the quarter compared with the same period a year ago, according to the latest figures from the Department of Statistics.

This marked an acceleration from the 2.8 per cent rise in the third quarter.

Growth was seen in all segments across the board, especially in education, real estate and financial services, said the statistics department.

Education firms posted 8.7 per cent year-on-year growth in the fourth quarter, while real estate, rental and leasing companies saw 6.3 per cent expansion. Financial and insurance firms grew 5.6 per cent.

On a quarter-on-quarter basis, the overall services sector grew 2.4 per cent in the fourth quarter over the third quarter last year.