Singapore’s service industries, excluding wholesale and retail trade, accommodation, and food services, experienced an 8.5% year-on-year (YoY) increase in business receipts during the fourth quarter of 2024, according to data from the Department of Statistics Singapore (SingStat).
The growth was widespread, with all industries reporting higher revenue. On a quarter-on-quarter (QoQ) basis, non-seasonally adjusted business receipts increased by 4.5%. However, certain sectors, including education, transportation & storage, and health & social services, recorded declines.
The finance & insurance sector led the expansion, posting a 14.2% increase in revenue. This surge was attributed to strong performances in fund management and banking. The transportation & storage sector followed with a 12.9% rise, bolstered by growth in water transport, warehousing, and freight transport arrangement services. Meanwhile, the health & social services industry saw a 10.1% increase in business receipts, primarily due to higher medical revenue.
On a QoQ basis, the professional services sector recorded a notable 12% increase in receipts, driven by strong performance in head offices, legal services, and management consultancies. The recreational & personal services sector also performed well, posting a 9.0% increase in turnover, fueled by higher revenue from gaming and attractions.
Conversely, the education sector experienced a 6.0% decline in business receipts, primarily due to lower university revenue resulting from the billing cycle.
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