Services Sector Up 3.3% In Q1 2015

Leading the growth was Financial and Insurance with a 9.4 per cent on-year spike, followed by Health and Social Services at 5.9 per cent, according to Singstat.

SINGAPORE: Overall sales for the services sector rose 3.3 per cent year-on-year in the first quarter of 2015, on the back of strong showings in the Financial and Insurance and Health and Social Services sectors.

According to the latest data by the Department of Statistics released on Wednesday (May 27), every sector in the services industry saw their sales spike in the first quarter, except Recreation and Personal Services.

Leading the growth was Financial and Insurance with a 9.4 per cent on-year spike, followed by Health and Social Services at 5.9 per cent.

However, Recreation and Personal Services sector saw a 9.9 per cent on-year dip in the same quarter, the figures showed.

In terms of month-on-month comparisons, sales, excluding wholesale and retail trade and accommodation and food services, declined 3.4 per cent, the Department of Statistics said. 

On-year numbers are as follows:

  • Financial & insurance: +9.4%
  • Health & social services: +5.9%
  • Information & communications: +4.5%
  • Transport storage: +2.6%
  • Business services: +0.4%
  • Education: +0.3%
  • Recreation & personal services: -9.9%

Soucres: 
"Business Receipts Index for Services Industries First Quarter 2015"  , SingStat News Release, 27 May 2015
"Sales for services sector up 3.3% on-year in Q1", Channel NewsAsia, 27 May 2015