The overall Business Receipts Index grew by 10.9% y-o-y in the 4Q2022 as all industries registered higher business receipts, according to the Department of Statistics Singapore (SingStat).
The index, which measures the short-term changes in the amount of business or operating revenue on a quarterly basis, excludes the wholesale trade, retail trade, accommodation and food services industries. The index is compiled at current prices.
On a q-o-q, non-seasonally adjusted basis, overall business receipts were also up by 2.9%.
During the year, recreation & personal services led the growth with a 36.8% increase y-o-y. This was mainly due to the higher earnings of firms in the gaming and attractions segment amid the relaxing of Covid-19 measures. During the 4Q2021, there were stricter Covid-19 measures in place where operating capacity and group sizes for social gatherings were restricted.
At the same time, the information & communications industry saw the second highest y-o-y growth at 14.9%. This was due mainly to software developers and IT consultancy firms which saw an increase in business activities.
The real estate industry also recorded an increase of 12.6% in revenue, with the growth driven mainly by firms letting out real estate properties.
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On a q-o-q basis, the professional services industry led the growth with a 13.3% increase as firms engaged in legal, head office and business and management consultancy activities reported an increase in revenue.
The information & communications industry also came in second on a q-o-q basis with a 7.4% increase. This time, firms engaged in information service activities such as data analytics processing and web hosting services were among those which saw an increase in turnover.
The transportation & storage industry was the only one to see a q-o-q decline at 8.5% as shipping lines and freight forwarders saw lower revenue during the 4Q2022.
