Business Receipts Index up 10.9% y-o-y in 4Q2022

The overall Business Receipts Index grew by 10.9% y-o-y in 4Q2022 as all industries registered higher business receipts, according to the Department of Statistics Singapore (SingStat).

The index, which measures the short-term changes in the amount of business or operating revenue every quarter, excludes the wholesale trade, retail trade, accommodation and food services industries. The index is compiled at current prices.

On a q-o-q, non-seasonally adjusted basis, overall business receipts were also up by 2.9%. During the year, recreation and personal services led the growth with a 36.8% increase y-o-y.

This was mainly due to the higher earnings of firms in the gaming and attractions segment amid the relaxation of Covid-19 measures. During the 4Q2021, there were stricter Covid-19 measures where operating capacity and group sizes for social gatherings were restricted.

At the same time, the information and communications industry saw the second-highest y-o-y growth at 14.9%. This was due mainly to software developers and IT consultancy firms, which saw increased business activities.

The real estate industry also recorded an increase of 12.6% in revenue, driven mainly by firms letting out real estate properties. On a q-o-q basis, the professional services industry led the growth with a 13.3% increase as firms engaged in legal, head office, and business and management consultancy activities reported increased revenue.

The information and communications industry came in second on a q-o-q basis with a 7.4% increase. This time, firms engaged in information service activities such as data analytics processing and web hosting services were among those which saw an increase in turnover.

The transportation and storage industry was the only one to see a q-o-q decline at 8.5% as shipping lines and freight forwarders saw lower revenue during the 4Q2022.—