Service sector takings inch up in Q4, Latest Business News - The New Paper

Service sector takings inch up in Q4

This article is more than 12 months old

The service industry ended 2016 on a tepid note, with takings inching up just 0.5 per cent in the last three months of the year over the same period a year earlier.

Statistics Department data on receipts showed a patchy performance across the sector, with some segments faring better than others.

The education and health and social services clusters were the strongest performers in the fourth quarter of last year.

Takings in the education cluster rose 7.1 per cent year on year, while health and social services saw a 7 per cent increase.

Information and communications firms also fared better, taking in 2.6 per cent more.

However, there was a poorer performance in other segments.

Takings in the financial and insurance service segment, which had been a strong performer in previous quarters, were almost flat and inched up just 0.1 per cent from a year earlier.

Recreation and personal services suffered a 3.7 per cent slide in revenues, while business services and transport and storage recorded declines of 0.1 per cent and 1.8 per cent, respectively.

The data also showed that fourth-quarter service takings rose 3.6 per cent over the third quarter of last year.

The quarter-on-quarter data, which was not adjusted for seasonal factors, showed increases across all segments except education and recreation and personal services.

Transport and storage, information and communications, financial and insurance, business services and health and social services all logged higher quarter-on-quarter sales.

Yesterday's data excluded wholesale and retail trade, and accommodation and food services.