Business receipts of Singapore’s services industries, excluding the wholesale and retail trade services and the accommodation and food services, declined 1.1 percent year-on-year in the first quarter of 2020.
On a non-seasonally adjusted basis, the business receipts declined 5.9 percent quarter-on-quarter in the period, according to the Business Receipts Index released by Singapore’s Department of Statistics on Wednesday.
In the first quarter, the recreation and personal services industry reported a year-on-year drop of 24.1 percent in revenue. The authority attributes the decline mainly to firms in the attractions segment. Meanwhile, business receipts of the transport and storage services industry decreased 4.7 percent year-on-year, mainly due to the air transport segment that reported a decrease in revenue due to global travel restrictions as a result of the COVID-19 outbreak.
On a non-seasonally adjusted basis, the recreation and personal services industry and the transport and storage industry registered quarter-on-quarter declines of 23 percent and 15.3 percent respectively due to lower demand for their services.