Singapore's business sentiments for next 6 months fall: survey

By：xinhua Update：2020-04-30

SINGAPORE, April 30 (Xinhua) -- Singapore's Economic Development Board (EDB) and Department of Statistics (DOS) on Thursday released survey reports about business expectations respectively, which show more businesses became pessimistic.

The survey report released by EDB, Business Expectations of the Manufacturing Sector, shows that a weighted 4 percent manufacturers expect business conditions to improve and a weighted 60 percent foresee a weaker business outlook in the second and third quarter of 2020, compared to the first quarter.

Overall, a net weighted balance of 56 percent of manufacturers anticipate a less favorable business for the April-September period, compared to the first quarter.

That is a big fall from the previous edition of this survey report, which was released this January and showed a net weighted balance of 12 percent of manufacturers predicted an improved business situation for the January-June 2020 period, compared to the fourth quarter last year.

As for the second quarter of 2020 only, a net weighted balance of 32 percent of manufacturers predict output to decrease in the period, compared to the first quarter; and a net weighted balance of 10 percent of manufacturers plan to hire fewer workers in the second quarter than in the previous quarter.

The survey report released by DOS is Business Expectations of the Services Sector. It shows that a weighted of 2 percent service firms are optimistic about the business conditions in the six months starting this April, while a weighted of 60 percent of such firms foresee slower business.

Overall, a net weighted balance of 58 percent of service firms anticipate a less favorable business conditions for the second and third quarter of this year, compared to the fourth quarter of 2019 and the first quarter of 2020.

The previous edition of this survey report, which was released in January, showed a net weighted balance of only 2 percent of service firms anticipated a less favorable business conditions for the first half of this year.

As for the second quarter only, the new survey report for services sector shows that a net weighted balance of 53 percent of service firms forecast operating receipts to decrease in the quarter, compared with the first quarter; and a net weighted balance of 24 percent of service firms expects to decrease hiring activities for the second quarter. Enditem