SINGAPORE, Nov 1 (NNN-XINHUA) – Two Singaporean government departments yesterday released survey reports on business expectations, respectively, which show worsened business sentiment in both the manufacturing and the services sectors.
The Business Expectations of the Manufacturing Sector survey, released by the Economic Development Board (EDB), showed that, a weighted eight percent of manufacturers are upbeat about business conditions, in the period from Oct, 2022 to Mar, 2023, while a weighted 28 percent foresee a weaker business outlook.
Overall, a net weighted balance of 20 percent of manufacturing firms, anticipates a less favourable business situation for the period from Oct, 2022 to Mar, 2023, compared to the third quarter of 2022. In the previous quarter’s survey, a net weighted balance of eight percent of manufacturing firms has a negative business expectations for the next six months.
The EDB said that, the business sentiment in Singapore’s manufacturing sector has remained negative, due to several reasons, including continuing supply chain challenges and operational cost pressures, amid the Russia-Ukraine conflict, as well as, the impact of weaker macroeconomic conditions on demand.
The Business Expectations of the Services Sector survey, released by the Department of Statistics (DOS), showed that a weighted 23 percent of service firms are upbeat about the business conditions, in the six months starting Oct, while a weighted 14 percent of such firms foresee deteriorating business conditions.
Overall, a net weighted balance of nine percent of service firms expects more favourable business conditions for the fourth quarter of 2022, and the first quarter of 2023. The net weighted balance is compared to the 15 percent recorded in the previous quarter’s survey.– NNN-XINHUA
