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Singapore service sector revenue up 16% in Q3 2021, Business News & Top Stories

SINGAPORE – The service sector saw 16 per cent year-on-year growth in the third quarter of 2021, with all segments except the recreation and personal services industry registering higher business receipts.

On a quarter-on-quarter basis, non-seasonally adjusted overall business receipts grew by 4.8 per cent, according to data released by the Singapore Department of Statistics (SingStat) on Friday (Nov 26).

All industries except the recreation and personal services industry registered higher business receipts compared to the previous quarter.

The information and communications industry reported an increase of 39.4 per cent in turnover year-on-year, attributed mainly to higher revenue from firms engaged in software publishing, including games publishing, and web portals such as online marketplaces.

The same industry reported a growth of 7 per cent in turnover quarter-on-quarter, led by IT consultancy firms and software developers.

The transportation and storage industry recorded a year-on-year growth of 39.1 per cent due to an increase in business activities in the air transport segment with the easing of global travel restrictions.

On a quarter-on-quarter basis, it recorded a double-digit increase of 13 per cent in revenue, due mainly to shipping lines seeing an increase in freight rates and volume.

Meanwhile, the recreation and personal services industry recorded a decline of 13.3 per cent in revenue year-on-year as attractions and sports facilities were affected by the tightened limits on group sizes at these venues, said SingStat.

It registered a quarter-on-quarter decrease of 13.7 per cent in receipts.

In particular, the attractions and gaming segments saw a decline in revenue as their business activities were affected by tightened restrictions on group sizes.



Singapore service sector revenue up 16% in Q3 2021, Business News & Top Stories Source link Singapore service sector revenue up 16% in Q3 2021, Business News & Top Stories

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