Singapore services sentiment turns positive for Q4

Hiring intentions are also strongest in the accommodation sector.

Business sentiment in Singapore’s services sector remains positive heading into the final quarter of 2025, according to the latest report by the Department of Statistics.

The net weighted balance of expectations for the period from October 2025 to March 2026 stands at +10%, with 21% of firms anticipating better business conditions and 11% expecting a decline.

The accommodation sector also expects increased activity,

Firms are also projecting growth in both revenue and employment for the October to December 2025 period. 14% expect higher operating revenue, whilst 10% plan to increase hiring.

Several industries reported strong optimism. The retail trade sector is upbeat due to the upcoming festive season, including Christmas, Chinese New Year, and the school holidays.

In wholesale trade, firms cited ongoing demand related to Windows 11 migration and growing interest in AI-enabled systems as key growth drivers.

The accommodation sector also expects increased activity, spurred by seasonal events such as the F1 Grand Prix, festive celebrations, and corporate functions.

However, some segments are less optimistic. The transportation and storage industry remains under pressure, particularly in water transport, where an oversupply of vessels, softer cargo demand, and falling freight rates are weighing on sentiment.

Meanwhile, the real estate sector is more cautious, citing ongoing macroeconomic and geopolitical uncertainties.

Looking at revenue expectations for the fourth quarter, retail and wholesale trade sectors anticipate solid gains. Notably, wholesalers dealing in computers, peripherals, and software pointed to growing demand for AI-related offerings as a contributor to expected revenue growth.

Hiring intentions are also strongest in the accommodation sector, which is ramping up staff ahead of year-end demand.

Meanwhile, the recreation, community and personal services sector, including health services, is also preparing to expand its workforce in response to rising service needs.

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