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Singapore’s business sentiments for next 6 month become less pessimistic: survey

Dr Beh Swan Gin, Chairman of the Economic Development Board

Singapore, Republic of Singapore | XINHUA |    Singapore’s Economic Development Board (EDB) and Department of Statistics (DOS) on Friday released survey reports about business expectations, showing companies in the country are less pessimistic about business for the six months starting this October.

The survey report, Business Expectations of the Manufacturing Sector, showed that a weighted 18 percent of manufacturers expect business conditions to improve, while a weighted 21 percent foresee a weaker business outlook for the period October 2020 – March 2021.

Overall, a net weighted balance of 3 percent of manufacturers anticipate a less favorable business for the period October 2020 – March 2021, compared to the third quarter of this year. That is an improvement from the previous edition of this survey report, which was released this July and showed a net weighted balance of 7 percent of manufacturers predicted a softer business situation for the second half of 2020, compared to the second quarter this year.

As for the fourth quarter of 2020 only, a weighted 66 percent of manufacturers predict output in the period to remain similar with the third quarter; and a net weighted balance of 8 percent of manufacturers plan to hire fewer workers in the fourth quarter than in the previous quarter.

The survey report, Business Expectations of the Services Sector, showed that a weighted 20 percent of service firms are optimistic about the business conditions in the six months starting this October, while a weighted 25 percent of such firms foresee slower business. Overall, a net weighted balance of 5 percent of service firms anticipate less favorable business conditions for the period October 2020 – March 2021.

The previous edition of this survey report, which was released in July, showed a net weighted balance of 31 percent of service firms anticipated less favorable business conditions for the six months ending this December.

As for the fourth quarter only, the new survey report for services sector showed that a net weighted balance of 5 percent of service firms forecast operating receipts to decrease in the quarter, and a net weighted balance of 7 percent of service firms expect to decrease hiring activities for the fourth quarter.

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XINHUA

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