Singapore’s services sector saw receipts decline 7.9% y-o-y in 4Q2020, according to the latest Business Receipts Index (BRI) released by the Department of Statistics (SingStat) on Feb 26. This is an improvement from the 10.2% y-o-y decline in the 3Q2020.
Quarter-on-quarter, the quarter registered a 7.9% growth from 3Q2020. This follows the 5.5% q-o-q growth recorded in the 3Q2020.
The BRI measures the short-term changes in the amount of business or operating receipts on a quarterly basis. The BRI is compiled at current prices.
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All industries except for the Information & Communications and Finance & Insurance industries registered lower business receipts y-o-y during the quarter, though all industries reported higher revenue on a q-o-q basis.
For the 4Q2020, Information & Communications saw the highest growth at 12.1% y-o-y, while Recreation & Personal Services suffered the biggest y-o-y drop at 37.6%.
Professional Services saw the biggest q-o-q growth at 15.4% followed by Information & Communications at 15.3%.
