Singapore's manufacturing sector expects business conditions to improve in H1

Source: Xinhua | 2020-02-01

Singapore's Economic Development Board (EDB) said in a survey report released on Friday that the manufacturing sector expects improved business conditions in the first half of 2020.

The survey report shows that while a majority of manufacturers expect business conditions to remain the same, a weighted 19 percent expect business conditions to improve, and a weighted 7 percent foresee a softer business outlook in the first six months of 2020, compared to the fourth quarter of 2019.

Overall, a net weighted balance of 12 percent of manufacturers predict an improved business situation for the January to June 2020 period, compared to the fourth quarter last year.

As for the first quarter of 2020 only, a net weighted balance of 1 percent of manufacturers predict output to increase in the period, compared to the fourth quarter of 2019; and a net weighted balance of 3 percent of manufacturers plan to hire fewer workers in the first three months of 2020, compared to the preceding quarter.

On the other hand, another survey report released by the Department of Statistics on Friday shows that a weighted 74 percent of enterprises in Singapore's services sector anticipate the level of business activities to remain the same in the first half of 2020.

Meanwhile, a weighted 12 percent of service firms are optimistic about the business conditions in the six months starting this January, while 14 percent of such firms foresee slower business. Overall, a net weighted balance of 2 percent of service firms anticipate a less favorable business conditions for the first half of this year.

This report adds that a net weighted balance of 3 percent of service firms forecast operating receipts to decrease in the first quarter of 2020, compared with the fourth quarter of 2019; and a net weighted balance of 1 percent of service firms expect to increase hiring activities for the first quarter.