Singapore’s Service Sector Business Rises by .7%
Business Receipts Index for Services Industries For Third Quarter 2009.
Highlights:
- Overall business receipts of the Services Sector, excluding wholesale & retail trade, hotels and restaurants, rose marginally by 0.7% in 3Q2009 over 2Q2009.
- Compared to 3Q2008, the overall business receipts fell by 4.4%.
Quarter-on-Quarter Change
Business services registered a 5.0% increase in receipts in 3Q2009 over 2Q2009. Transport & storage services as well as health & social work activities similarly reported higher turnover of 2.1% during the quarter.
Conversely, information & communications services industry recorded a decline in their business receipts by 4.3% while education services also registered a marginal decrease (0.6%).
Turnover of financial & insurance and real estate, rental & leasing services remained at about the same level as that in 2Q2009.
Year-on-Year Change
Turnover of transport & storage services industry declined by 18.9% in 3Q2009 as compared to 3Q2008. Similarly, lower business receipts were reported by firms engaged in real estate, rental & leasing services (-1.2%), education services (-1.2%) and business services (-1.1%). On the other hand, health & social work activities registered a rise of 4.6% in turnover in 3Q2009 over 3Q2008. Likewise, higher turnover was reported by financial & insurance services (2.7%) and information & communications services industry (0.8%).
Explanatory Notes:
Introduction
The Quarterly Business Receipts Index (QBRI) for the Services Sector (excluding wholesale and retail trade, hotels and restaurants) measures the short-term changes in the amount of business or operating receipts on a quarterly basis. The QBRI is compiled at current prices.
Business or operating receipts is the income earned from business operations, i.e. includes income from services rendered, sale of goods, commission fees, and rental of premises and machinery and equipment.
The QBRI is re-based at regular intervals to reflect changes in the structure of the Services Sector. The QBRI series has been re-based to year 2008 with effect from 1Q2009 and the weights have been updated.
Data Collection
Data on business receipts are primarily sourced from the Department’s Quarterly Survey of Services (QSS) and Survey of Quarterly National Income Estimates.
Business receipts of financial and insurance services are compiled through surveys conducted by the Monetary Authority of Singapore’s (MAS) Research and Statistics Unit. The Department has also incorporated administrative data in the compilation of the QBRI.
In total, the 2008-based QBRI is compiled based on the survey data and administrative records of more than 7,000 enterprises.
Index Compilation
The QBRI at detailed industry level is computed by dividing the industry’s total business receipts for that quarter by the industry’s average quarterly receipts in base year 2008. The overall QBRI is then subsequently computed by combining the indices at industry level using the weights of the respective industries, which represent their relative importance in the overall services sector.
Topics: business reciepts index, economic development, economic growth, economic recovery, Economy, Governance, hotels, restaurants, retail trade, service sector, Service Sector Reciepts, Singapore, third quarter, wholesale
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