Overall performance of service industry

The services producing industries grew by 10.5 per cent in 2010, compared to the contraction of 0.7 per cent in 2009. This was due to a broad-based expansion in all services sectors. In particular, the wholesale and retail trade sector grew strongly by 15.1 per cent, amid improving external demand. The financial services sector also posted a robust growth of 12.2 per cent, on the back of increased activities for fund management and commercial bank lending. Tourism-related services sectors (such as the hotels and the arts, entertainment & recreation segments) were bolstered by strong visitor arrivals as well as the opening of the Integrated Resorts.