Service industry business receipts grew 15.4% YoY in 2021

Meanwhile, on a QoQ basis, business receipts grew 7.2%.

The Department of Statistics released the Business Receipts Index for the fourth quarter of 2021 (Q4 2021), which reflected positive growth for the whole year.

Overall business receipts of the services industries (excluding wholesale trade, retail trade, and accommodation and food services) increased 15.4% in Q4 2021, compared to the same quarter in 2020. All industries registered higher business receipts on a year-on-year (YoY) basis. On a quarter-on-quarter (QoQ) basis, overall business receipts grew by 7.2% in 44 2021, higher than the previous quarter.

The YoY growth was brought about mainly by the transportation and storage industry, which grew 49.3%. Air transport firms saw increased business activities due to the easing of some global travel restrictions. Shipping lines saw increased freight rates and volume in Q4 2021, resulting in higher revenue for the water transport segment. The information and communications industry also contributed to the positive change with an increase of 32.4% in receipts, attributed mainly to higher turnover from firms engaged in software publishing (which includes games publishing) and online marketplaces.

Meanwhile, the QoQ growth was brought about by the recreation and personal services industry registering an increase of 25.6% in receipts from attractions and gaming segments. The professional services industry also contributed to growth with 13.4% in receipts from head office, architectural, and engineering activities.

The Business Receipts Index for the services industries measures the short-term changes in the amount of business or operating 
receipts every quarter. Business or operating receipts is the income earned from business operations, which includes income from services rendered, sale of goods, commission fees as well as rental of premises, machinery, and equipment.