Overview of Singapore’s Business Services Sector

The business services sector has grown in importance over the last decade. As the sector is made up of diverse industries, its components have different drivers. This paper examines the role business services play in the economy, the drivers behind the various segments as well as some general trends in the sector.

Key Characteristics

Diverse group of industries…

The business services sector is made up of several diverse industries such as real estate, legal activities, accounting activities, business and management consultancy activities, architectural and engineering activities, business representative offices and other business services. The various segments and their respective growth are shown in Exhibit 1. Over the past few years from 2005 to 2007, all segments showed stronger growth compared to the past decade, reflecting Singapore’s development as a global business hub. Certain segments, such as business representative offices and other business services, have also outperformed the economy’saverage growth of 7.9 per cent.

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