Will the service sector survive dismal sales growth?

7.1% surge in tourist arrivals kept the outlook vibrant.

Despite the gloomy outlook of the overall local business, the service sector registers an upbeat sentiment for Q4, with four of six indicators treading in the expansionary region.

According to Singapore Commercial Credit Bureau (SCCB)'s latest quarterly Business Optimism Index (BOI), the sector's optimistic outlook could be attributed to an expected uptick in tourist arrivals.

"The optimistic outlook is likely to be attributed to an expected uptick in tourist arrivals, improved performance in the hotels and accommodation, as well as positive growth within health and social services," the report said.

Singapore Tourism Board data indicated that the city-state's tourist numbers jumped 7.1% to 1.3 million visitors.

Basing on the data, the sector expects net profits to climb from -6.67 points in Q3 to a flat percentage point in Q4.

The selling price outlook, on the other hand, rebounded into the positive side, jumping from -8.89 points to 2.22 in the said quarter.

Both inventory levels and employment outlooks have made improvements as well, from 6.67 and 2.22 points to 8.89 and 4.44 points, respectively.

Only the volume of sales outlook posted a deterioration, inching lower from -8.89 to -11.11 percentage points.

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