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Singapore’s services industries see business receipts decline 9.5 pct in Q3

Business receipts of Singapore’s services industries, excluding the wholesale and retail trade services and the accommodation and food services, fell 9.5 percent year on year in the third quarter of 2020, compared to a 13.4 percent decline in the previous quarter.

On a non-seasonally adjusted basis, the business receipts grew by 5.4 percent quarter on quarter in the third quarter, compared to a 12.9 percent decline in the second quarter, according to the Business Receipts Index released by Singapore’s Department of Statistics on Friday.

In a breakdown, the business receipts of the transport and storage industry declined 21.6 percent year on year; that of the information and communication industry grew 3.5 percent; that of the financial and insurance industry fell one percent; that of the business services industry decreased 14 percent; that of the education industry fell 4.7 percent; that of the health and social services industry fell 1.8 percent; and that of the recreation and personal services industry declined 41.3 percent year on year.

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