Feature Articles
The Professional Services and Administrative & Support Services Sectors in Singapore
25 May 2021
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Since the Annual Economic Survey of Singapore 2020, the business services sector has been disaggregated into its constituent sectors of real estate, professional services and administrative & support services.
Given that the professional services and administrative & support services sectors cover a wide range of activities which have different growth drivers, this article details the composition of the two sectors, as well as characterises their growth drivers. The article also describes the past performance of the two sectors, before concluding with the outlook for the sectors in 2021 amidst the COVID-19 pandemic.
The professional services and administrative & support services sectors cover a diverse range of activities
The professional services and administrative & support services sectors, which accounted for 5.9 per cent and 4.5 per cent of the overall economy’s nominal value-added (VA) in 2020 respectively, provide a wide variety of services that are essential for business operations, such as accounting and advertising services. The detailed segments within the two sectors and their nominal VA shares are shown in Exhibits 1A and 1B below.