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SINGAPORE - SINGAPORE'S business receipts index, measuring activity in the fast-growing services industry, climbed 16.4 per cent in the third quarter from a year ago, official data showed on Tuesday.
The rise, boosted by financial and insurance services, was stronger than the second quarter's 15.6 per cent expansion from a year ago.
Excluding financial and insurance services, the index rose 12.2 per cent from a year ago on strong growth in real estate and business services, the Department of Statistics said in a statement.
Compared to the previous quarter, the index rose by 2.5 per cent, continuing a 5.6 per cent rise in the second quarter.
The figure is not adjusted for seasonal factors.
Singapore's services sector - which accounts for half of total employment and 69 per cent 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. -- REUTERS
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