Singapore’s services sector, excluding wholesale trade, retail trade, accommodation, and food services, experienced an 8.5% increase in business receipts in the fourth quarter of 2024 compared to the same period in 2023.
The Singapore Department of Statistics reported that all services industries saw higher business receipts year-on-year, with notable growth in the finance and insurance, transportation and storage, and health and social services sectors.
The finance and insurance industry led the charge, reflecting robust economic activity and increased demand for financial services. Similarly, the transportation and storage sector benefited from heightened logistics and supply chain activities, whilst the health and social services industry saw increased business due to ongoing healthcare demands.
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