Q3 services revenue up 8%, Latest Business News - The New Paper

Q3 services revenue up 8%

This article is more than 12 months old

Revenue grew across the board in the services sector in the third quarter.

Turnover was up 8 per cent in the three months to Sept 30 over the same period last year, slightly up on the revised growth figure of 7.7 per cent in the second quarter.

The figures released by the Statistics Department yesterday do not take into account wholesale and retail trade, accommodation or food services.


Growth was led by the information and communications services industry, with revenue up 11.3 per cent on higher receipts from computer programming and consultancy companies.

Financial and insurance services notched up 10.6 per cent revenue growth, beating the previous quarter's 10.4 per cent increase.

Turnover in education services raked in 4.5 per cent more than the second quarter and a 9.7 per cent increase over the same period last year.

Business services posted 6.3 per cent growth, slower than the previous quarter's 7.6 per cent improvement.

Turnover in health and social services rose 5.5 per cent for the quarter, declining from the 7.2 per cent expansion in the second quarter.

But the 6.2 per cent growth in recreation and personal services was a turnaround from the 3.3 per cent year-on-year slide the previous quarter, while transport and storage receipts improved 5.6 per cent, from 3.9 per cent previously.

On a quarter-on-quarter, non-seasonally adjusted basis, the services industry was up by 2 per cent.

Business services dragged the sector down, with a 1.6 per cent decline in receipts, no thanks to lower contributions from accounting, architectural and engineering services.

Still, education services pulled in 15.3 per cent more.