Business sentiment in Singapore's manufacturing, services sectors worsen: surveys

Singapore, November 1: Two Singaporean government departments on Monday released survey reports on business expectations respectively, which show worsened business sentiment in both the manufacturing sector and the services sector.
The Business Expectations of the Manufacturing Sector survey released by the Economic Development Board (EDB) showed that a weighted 8 percent of manufacturers are upbeat about business conditions in the period from October 2022 to March 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 favorable business situation for the period from October 2022 to March 2023, compared to the third quarter of 2022. In the previous quarter's survey, a net weighted balance of 8 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 this October, while a weighted 14 percent of such firms foresee deteriorating business conditions.
Overall, a net weighted balance of 9 percent of service firms expects more favorable 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.
Source: Xinhua