Takings in service industry slip in Q3

The service industry suffered a lacklustre third quarter, with takings sliding 0.4 per cent over the same quarter last year.

Statistics Department data on receipts showed patchy performance across the sector, with some segments faring better than others.

The latest numbers followed from almost flat growth in the second quarter, when service firms saw takings inch up just 0.5 per cent. The health and social service cluster logged the largest expansion in the July to September quarter, growing 9 per cent year on year.

Firms in information and communications and education also enjoyed a rise in income year on year.

This made up for poorer showings in other segments.

Takings in the financial and insurance service segment, previously a strong performer, slid 0.2 per cent from a year earlier.

Recreation and personal services suffered a 2.3 per cent slide in revenues, while business services and transport and storage recorded declines of 0.7 per cent and 6.6 per cent, respectively.

The quarter saw service takings decline 0.7 per cent over the preceding three months.

Quarter-on-quarter data, which was not adjusted for seasonal factors, showed declines in the transport and storage, information and communications, financial and insurance, and business services segments. Education, health and social services, and recreation and personal services logged higher sales.

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

A version of this article appeared in the print edition of The Straits Times on November 26, 2016, with the headline 'Takings in service industry slip in Q3'. Print Edition | Subscribe