While the decline is nominal q-o-q this year, we need to keep our ears on the ground next quarter as the effects of the Dependency Ratio Ceilings (DRCs) for foreign workers may show some color.
Singapore (PRWEB) September 03, 2012
According to the Q2 2012 Quarterly Business Receipts Index (QBRI) released by the Department of Statistics Singapore, the republic’s service industry has collectively improved by 6% year-on-year (y-o-y) but dipped slightly quarter-on-quarter (q-o-q) during the period.
The QBRI, which measures changes in the amount of business receipts from quarter to quarter, also found that the services industry has observed a 0.5% decline in receipts on a q-o-q basis.
The business services sector, which includes professional, scientific & technical and administrative & support service activities, performed the best q-o-q, registering a 4.6% growth. The real estate, rental and leasing services sector as well as transport and storage services, came close, scoring a modest 1.1% growth q-o-q.
Sectors that contributed to the overall industry decline include health and social (-0.7%) info-communications (-0.8%) as well as financial and insurance services (-1.1%).
Although the education services sector slumped significantly (-15.3% q-o-q), it recorded 13.6% growth y-o-y, making it the most improved change year-on-year.
Asiabiz Services, a Singapore company setup consultancy recognizes that the overall performance of the service industry this quarter indicates sectors that are ripe with hiring possibilities.
“Robust business activity and increased receipts in the services industry this quarter signifies more work or more contracts which in turn open up job opportunities. While the decline is nominal q-o-q this year, we need to keep our ears on the ground next quarter as the effects of the Dependency Ratio Ceilings (DRCs) for foreign workers and foreign worker levies for the service industries may show some color,” opined Mr. James Nuben, Head of Taxation at Asiabiz Services.
“Nonetheless, the year-on-year trend, which is more stable, is promising for skilled personnel who wish to register a Singapore company,” added Mr. Nuben.
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ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
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Phone: +65 6303 4614
http://www.asiabizservices.com
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