Singapore’s services sector experienced a significant increase in business receipts, rising by 25.5% in the second quarter of 2026 compared to the same period last year. This growth excludes the Accommodation, Finance & Insurance, and Real Estate Developers industries. Notably, the Wholesale Trade and Transportation & Storage industries were the primary drivers of this surge.
The Wholesale Trade industry saw a remarkable 27.8% increase in sales, largely due to the demand for electronic components and petroleum products. Meanwhile, the Transportation & Storage industry recorded a 26.5% rise in turnover, bolstered by high sea freight rates and increased activity in water transport.
On a quarter-on-quarter basis, the services sector’s business receipts grew by 16.9%, with Wholesale Trade alone reporting an 18.6% increase. However, not all industries shared in this growth. The Recreation & Personal Services sector experienced a 2.5% decline year-on-year, primarily due to reduced revenue from arts, sports, and recreational activities.
The Education sector also faced challenges, with a 13.4% decrease in receipts from the previous quarter, attributed to lower tuition fee collections by universities.
Overall, the services sector’s business receipts were estimated at $1,583b, with $263b excluding Wholesale Trade. This data provides valuable insights into the short-term performance of Singapore’s services industries, guiding business and policy decisions. As the sector continues to evolve, these trends highlight the dynamic nature of Singapore’s economy and its resilience in the face of changing market conditions.
