Services industry's business receipts flat in Q4

Growth in the services industry was almost flat in the last three months of last year, with takings ticking up just 0.2 per cent over the same quarter a year earlier.

Performance was patchy across the industry, with some segments faring better than others, going by the service business receipts index released yesterday by the Statistics Department.

The health and social services cluster logged the largest expansion in the October to December quarter, growing 6.6 per cent year on year.

The financial and insurance service segment, which carries the second largest weight on the index and had been the strongest performer in previous quarters, grew 3.5 per cent from a year earlier.

In information and communications and education, companies also enjoyed a rise in income year on year.

However, other segments did less well.

Recreation and personal services suffered a 7 per cent slide in revenues, while business services and transport and storage recorded declines of 2.8 per cent and 0.2 per cent respectively.

Based on the data, the quarter saw service takings rise 3.2 per cent above what was posted for the preceding three months.

Quarter-on-quarter data, which was not adjusted for seasonal factors, showed growth across almost all segments except education.

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

Chia Yan Min

A version of this article appeared in the print edition of The Straits Times on February 27, 2016, with the headline 'Services industry's business receipts flat in Q4'. Print Edition | Subscribe