Manufacturing firms optimistic about business in the remaining months of 2023

Across industries, firms in the transport engineering cluster expressed the highest optimism.

Manufacturing firms in Singapore are more optimistic about their business conditions in the next six months.

Data from EDB Singapore showed that a net weighted balance of 6% of firms is expecting more favourable business conditions for July 2023 to December 2023.

In the first half of the year, 25% of manufacturing firms expected a less favourable business condition.

Amongst the manufacturing clusters, transport engineering expressed the highest optimism with a net weighted 43% of firms expecting an improved operating environment in the second half of 2023.

The electronics cluster (11%) also projects better business conditions in 2Q23.

Precision engineering, chemicals, and general manufacturing clusters all expect a weaker business environment in the remaining months of the year.

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Economic Development Board Singapore

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