SINGAPORE, Feb. 27 (Xinhua) -- Singapore's service industries experienced an 8.5 percent year-on-year growth in overall business receipts in the fourth quarter of 2024, with all sectors posting higher receipts, according to data released by the Singapore Department of Statistics on Thursday.

The Business Receipts Index for the services industries, excluding wholesale trade, retail trade, accommodation, and food services, is compiled quarterly to gauge the performance of the services sector based on business receipts, the report said.

The finance and insurance sector saw a notable 14.2 percent revenue increase, driven primarily by strong performances in fund management and banking. Similarly, the transportation and storage industry recorded a 12.9 percent growth in turnover, with key contributors being water transport, warehousing, and freight transport arrangement services.

In addition, the health and social services sector posted a 10.1 percent increase in receipts, mainly attributed to a rise in medical revenue, the report said. Enditem

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