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S'pore Q2 services sector rises 15.6% vs yr ago
Tue, Aug 28, 2007
Reuters

SINGAPORE, Aug 27 (Reuters) - Singapore's business receipts index, measuring activity in the fast-growing services industry, climbed 15.6 percent in the second quarter from a year ago, official data showed on Monday.

The rise, boosted by financial and insurance services as well as real estate services, was stronger than the first quarter's 11.7 percent expansion from a year ago.

Excluding financial and insurance services, the index rose 10.5 percent from a year ago on strong growth in education and healthcare services, the Department of Statistics said in a statement.

Compared to the previous quarter, the index rose by 5.6 percent, reversing a 3.5 percent drop in the first quarter. The figure is not adjusted for seasonal factors.

Singapore's services sector -- which accounts for half of total employment and 69 percent of the island's gross domestic product -- has been expanding since 2004, helping to offset output in the volatile manufacturing sector.

The business receipts index measures income earned by businesses in areas such as transport, telecommunications, medicine, real estate, finance and insurance.

 

 
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