, Singapore

CHART OF THE DAY: More than 2 in 10 services firms upbeat about business outlook

Only 14% of services firms are expecting worsening business conditions.

Despite the continued inflation, more than two in 10 services firms are optimistic about their business outlook from October 2022 to March 2023.

This chart from the Department of Statistics also showed that the majority or 63% of companies expect that their business growth will remain the same whilst 14% are expecting a weakened business situation within the next six months.

Amongst the most optimistic in business conditions are transportation and storage due to the border reopening and rise in tourist arrivals and retail trade and food and beverage services who cite year-end festive season.

Wholesalers, however, are expecting a worsened business situation because of declining demand for computers.

For the real estate industry, they expect weaker business conditions for the next six months because of impacts of fresh cooling measures and rising interest rates.

The Business Expectations Survey includes some 1,500 enterprises in wholesale trade, retail trade, transportation & storage, accommodation, food & beverage services, information & communications, finance & insurance, real estate, professional and administrative & support services and recreation, community & personal services.

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