Business receipts in service industries rise 12.7% YoY in Q3 2024

Information and Communications led business receipts growth.

Business receipts of the service industries, excluding Wholesale Trade, Retail Trade, Accommodation and Food Services, grew 12.7% YoY and 4.8% QoQ in the third quarter of 2024 (Q3 2024).

The Department of Statistics Singapore (SingStat) said all industries except Administrative & Support Services and Recreation and Personal Services recorded higher revenue during the quarter, increasing overall business receipts.

Administrative & Support Services saw a 0.6% YoY decline, whilst Recreation and Personal Services reported a 3.5% YoY drop in business receipts.

Amongst industries, Information and Communications had the largest year-on-year growth, with receipts rising by 28.4%.

Transportation & Storage (+18.9% YoY), Real Estate (+4.1% YoY), Finance and Insurance (+11.5% YoY), Professional Services (+2.8% YoY), Health & Social Services (+11.1% YoY), and Education (+5.9% YoY) also recorded revenue increase in Q3 2024.