Business services receipts rise 25.5% to $1.58t in Q2

Excluding wholesale trade, receipts grew 15.5% to $263b.

Business receipts in the services sector climbed 25.5% year on year in the second quarter to an estimated $1.58t, according to the Department of Statistics Singapore

Excluding wholesale trade, business receipts increased 15.5% to approximately $263b.

On a quarter-on-quarter basis, services receipts rose 16.9% on a non-seasonally adjusted basis. Excluding wholesale trade, receipts grew 9.2%.

By segment, wholesale trade receipts increased 27.8%, supported by higher sales of electronic components and petroleum & petroleum products

Transportation and storage turnover gained 26.5%, with the strongest growth coming from water transport as sea freight rates remained elevated.

However, recreation and personal services receipts fell 2.5%, primarily due to lower revenue from arts, sports and recreational activities.

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