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Source:
www.singstat.gov.sg |
Singstat statement on Economic Surveys
Series 2003 - Release of Key Survey Findings on the Services Sector |
THE SERVICES SECTOR |
ECONOMIC SURVEYS SERIES
Reference Year 2003 |
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I. OVERALL SERVICES SECTOR¡¯S ECONOMIC
SHARE |
The services sector is one of the key
pillars in the Singapore economy. The sector contributed to about 63.0
per cent of total GDP and 68.9 per cent of total employment in 2004
(Chart 1). |
In 2003, Singapore¡¯s GDP share of services
was closer to that of Taiwan (67.8 per cent) while the employment share
was comparable to that of Germany (70.7 per cent) (Chart 2). |

Sources: OECD ¨C National
Accounts of OECD countries, ADB Key Indicators 2004, Hong Kong Census
and Statistics Department. |
II. COVERAGE OF ANALYSIS |
The services sector is diverse and
encompasses a wide range of heterogeneous activities. The analysis
presented in the following sections is based on data collected from the
Annual Survey of Services1 conducted by the Singapore
Department of Statistics. |
The analysis focuses primarily on services
establishments in the private-sector group within the overall services
sector, excluding institutions under the purview of the Monetary
Authority of Singapore (i.e. banks and finance, securities & insurance
companies). Services provided by the government sector (i.e. government
ministries and departments) are also excluded. |
 |
III. ECONOMIC PERFORMANCE |
The services sector2 comprised
135,000 establishments in 2003. The sector employed a total of 949,500
workers, or an average of 7 workers per establishment. |
Total operating receipts generated by the
sector increased by 15.0 per cent, from $609.1 billion in 2002 to $700.5
billion in 2003, largely attributed to the growths registered by
wholesale trade of petroleum & petroleum products and computers,
telecommunications & office equipment. Correspondingly, operating
receipts per establishment rose by 9.7 per cent during the same period. |
Total operating expenditure incurred in 2003
was $655.8 billion, an increase of 13.6 per cent over the previous
year¡¯s total of $577.0 billion. |
Total operating surplus rose from $47.3
billion in 2002 to reach $61.3 billion in 2003. This represented an
increase of 29.7 per cent, mainly due to the strong growth in financial
& insurance services3. On a per establishment basis, operating surplus
increased by 23.8 per cent to $454,200 in 2003. |
Total value added generated amounted to
$76.8 billion in 2003, a rise of 3.8 per cent over the previous year.
However, value added per establishment dropped from $574,900 in 2002 to
$569,100 in 2003. |
IV. MAIN ACTIVITIES IN SERVICES |
The services sector comprises the following
main groups: |
- Wholesale and Retail Trade (WT & RT)
- Accommodation and Food & Beverage Services (Acc &
F&B)
- Transport and Communications (TP & Comm)
- Financial and Insurance Services3 (Fin &
Ins)
- Real Estate and Business Services (RE & BS)
- Community, Social and Personal Services ( Com,
Soc & Pers)
(Abbreviations used in charts and tables) |
The services sector was mainly made up of
firms engaged in wholesale and retail trade, which accounted for 41.4
per cent of the total establishments (Chart 3). They were also the
largest employer, engaging 31.6 per cent of the sector¡¯s total
workforce. However, they employed an average of 5 workers per
establishment, which was lower than the sectoral average of 7 workers. |
 |
On the other hand, accommodation and food &
beverage services, as well as transport and communications had larger
average employment sizes of 19 and 13 workers per establishment
respectively. |
More..... |
1
Detailed coverage of the survey is provided in the Explanatory Note. |
2
Detailed list of services industries covered in the sector is provided
in the Explanatory Note. |
3
Data for this group exclude institutions under the purview of the
Monetary Authority of Singapore, viz banks and finance, securities and
insurance companies. Detailed list of financial & insurance services
activities covered in this group is provided in the Explanatory Note. |
Source:
Singapore Department of Statistics
Press Release 16 Aug 2005 |
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