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SINGAPORE'S business receipts index, measuring activity in the fast-growing services industry, rose 14.0 per cent in the fourth quarter from a year ago.
The rise, boosted by growth across all services sectors including finance, education and real estate, was stronger than the third quarter's year-on-year expansion of 16.4 per cent.
Excluding financial and insurance services, business receipts rose 10.8 per cent from a year ago, the Department of Statistics said in a statement on Wednesday.
Compared to the previous quarter, Singapore's business receipts rose 7.2 per cent, compared with a gain of 2.5 per cent in the July-September period. The figure is not adjusted for seasonal factors.
Singapore's services sector has grown rapidly in recent years helped by government efforts to promote tourism and wealth management as manufacturing jobs were lost to lower cost locations in China and Vietnam.
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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