Singapore Service Industry Grows 6% Y-O-Y in Q2 2012

Singapore Service Industry Grows 6% Y-O-Y in Q2 2012

Singapore : Singapore | Sep 03, 2012 at 3:18 AM PDT
Source: PRWeb
Views: Pending

Excluding the wholesale and retail trade as well as accommodation and food services, the services industry has recorded a 6% increase in total business receipts between Q2 2011 and Q2 2012.

All industries within the services sector showed a marked improvement across the board, with the education industry showing the highest y-o-y increase of 13.6%. However, business receipts dropped by 0.5% on a q-o-q basis, due mostly to fluctuations in overall turnovers. The business services sector, up by 4.6% q-o-q demonstrated the best performance of all sectors, followed by transport and storage services, as well as real estate, rental and leasing services, which respectively grew by a modest 1.1% q-o-q.

On the other hand, receipts from education services dropped 15.3% from the previous quarter, followed by recreation and personal services (-8.4% q-o-q). Other sectors that demonstrated a small decline include information and communications (-0.8%), financial and insurance services (-1.1%), as well as health and social services (-0.7%).

Singapore company registration specialist Rikvin recognizes that the year-on-year trend of the services industry as a good indicator as to which sectors are possibly hiring.

“Increased activity in the services industry can translate to more jobs for Singaporeans and residents, as well as create opportunities for skilled foreign professionals seeking a Singapore employment pass,” commented Mr. Satish Bakhda, General Manager and Head of Operations at Rikvin.

“Consistent improvements in this sector strengthens Singapore’s ability to provide a pro-business environment to potential investors or entrepreneurs seeking Singapore company formation or Singapore EntrePass, thus further cementing our reputation as the financial nucleus of Asia. Established in 1998, Rikvin has since partnered with thousands of investors, entrepreneurs and professionals in their pursuit to access business opportunities overseas. Rikvin’s areas of expertise include company incorporation, offshore company setup, accounting, taxation and other related corporate services. Rikvin is also a licensed employment agency with the Ministry of Manpower (MOM) and offers a full spectrum of Singapore work visa services for foreign professionals who wish to relocate to Singapore.

20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
(65) 6320 1888

For the original version on PRWeb visit:

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