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Financial News: Singapore Business Outlook Turns More Pessimistic

Singapore Business Outlook Turns More Pessimistic

10/31/2022 - 05:55:00 (RTTNews)

(RTTNews) - Business sentiment in Singapore's manufacturing sector is to remain negative in the next six months as demand may be dampened by supply chain challenges and operational cost pressures amidst the Russia-Ukraine conflict and COVID measures in China along with weaker macro-economic conditions prevailing in the country, survey data from the Economic Development Board Singapore showed on Monday.

The general business outlook for October-March showed a balance of -20 percent versus -8 percent in the July to December period.

Eight percent of manufacturers expect business conditions to improve, while 28 percent foresee a weaker business outlook, the survey said.

Within manufacturing, the electronics cluster is the least upbeat, with a net weighted balance of 37 percent of firms projecting business conditions to weaken in the October 2022 - March 2023 period, compared to the third quarter of 2022.

In the biomedical cluster, 16 percent of firms remain pessimistic regarding the 6-month outlook and 8 percent of firms in the chemical cluster predict weaker conditions.

However, the transport engineering cluster shows optimism towards the next six months, as 36 percent of firms expect an improved operating environment, led by the aerospace segment, which expects higher demand for aircraft maintenance, repair and overhaul work on the back of increased air travel following the relaxation of travel restrictions in many countries.

The survey also showed that a net weighted balance of 17 percent of manufacturers expect lower output in the fourth quarter of 2022 compared to the third quarter. During the third quarter, 17 percent of firms remained optimistic about output levels.

Regarding the employment outlook, 6.0 percent of manufacturers expect an increase in hiring activities for the fourth quarter of 2022, down from 25.0 percent in the previous quarter.

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