Service sector's takings up 8.5% in robust start to year

All service industries saw a year-on-year rise in takings during the first quarter of this year. Health and social services posted a double-digit growth of 13.2 per cent from a year ago. Compared with the last quarter, the sector saw a rise in taking
All service industries saw a year-on-year rise in takings during the first quarter of this year. Health and social services posted a double-digit growth of 13.2 per cent from a year ago. Compared with the last quarter, the sector saw a rise in takings of 3.5 per cent.ST PHOTO: SEAH KWANG PENG

Singapore's service sector had a strong start to the year, with business receipts up 8.5 per cent in the first three months of 2018, compared with the same period a year earlier, latest figures from the Statistics Department showed yesterday.

However, on a quarter-on-quarter non-seasonally adjusted basis, takings were up just a marginal 0.1 per cent from the last quarter of 2017.

All service industries saw a year-on-year rise in takings during the first quarter. The financial and insurance sector saw the biggest gains, up 14.2 per cent from a year ago. Health and social services also saw double-digit growth of 13.2 per cent.

Business receipts rose 9.9 per cent in information and communications, 8.9 per cent in recreation and personal services, 5.3 per cent in business services, 4 per cent in transport and storage, and 2.6 per cent in education.

The figures exclude wholesale and retail trade, and accommodation and food services.

Registering the highest quarter-on-quarter growth was recreation and personal services (4 per cent). Also up from the previous quarter were receipts in financial and insurance (3.7 per cent), health and social services (3.5 per cent), and education (0.8 per cent).

But takings were down for transport and storage (minus 3.7 per cent), business services (minus 2 per cent), and information and communications (minus 1.8 per cent), compared with the previous quarter.

  • 14.2%

    Increase in takings in the financial and insurance sector, which saw the biggest gains in the first quarter, compared with a year ago.

A version of this article appeared in the print edition of The Straits Times on May 26, 2018, with the headline 'Service sector's takings up 8.5% in robust start to year'. Print Edition | Subscribe