Singapore’s overall business receipts drop 4.6% in Q2

Xinhua News

Singapore’s overall business receipts declined by 4.6 percent in the second quarter over the same period last year, government data showed on Thursday.

According to figures released by the Singapore Department of Statistics, compared to the second quarter in 2008, business receipts of transport and storage services decreased by 16.4 percent while turnover of business services declined by 7.0 percent.

Likewise, lower turnover was reported by real estate, rental and leasing services (minus 1.7 percent), and financial and insurance services (minus 1.2 percent).

In contrast, the education services industry, health and social work activities recorded growths of 14.3 percent and 11.8 percent in revenue in the second quarter of 2009, compared to the same period last year.

Turnover of information and communications services remained at similar level as that over the same period last year.

Firms providing telecommunication services reported higher receipts while IT services firms reported a lower turnover.

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