Business Receipts Of Singapore's Services Industries Grows 14.7 Pct Y-o-y In Q2

SINGAPORE, Aug. 26 (UrduPoint / Pakistan Point News - 26th Aug, 2022 ) :Business receipts of Singapore's services industries, excluding wholesale and retail trade services and accommodation and food services, grew 14.7 percent year on year in the second quarter of 2022.

On a non-seasonally adjusted quarter-on-quarter basis, the business receipts grew 4.9 percent in the second quarter, according to the Business Receipts Index released by Singapore's Department of Statistics (DOS) on Friday.

In the first quarter of 2022, the business receipts of Singapore's services industries grew 12.7 percent year on year and declined 1.8 percent quarter on quarter.

DOS said that the transportation and storage industry reported a growth of 40.

9 percent in revenue, due to increased business activities in the air transport segment with the easing of global travel restrictions and the reopening of Singapore's borders to vaccinated travelers. Strong revenue growth was also recorded in the water transport segment.

Similarly, the recreation and personal services industry registered an increase of 34.4 percent in turnover, attributed mainly to the gaming and attractions segment with the easing of COVID-19 safe management measures in Singapore.

The information and communications industry recorded a year-on-year growth of 17.1 percent due mainly to software developers, IT consultancy and web portals.