SINGAPORE, July 29 (Xinhua) -- Two Singaporean government departments on Friday released survey reports about business expectations respectively, showing that the business sentiments in the manufacturing sector have turned negative.
The Business Expectations of the Manufacturing Sector survey released by the Economic Development Board (EDB) showed that a weighted 12 percent of manufacturers are upbeat about business conditions in the second six months of 2022 while a weighted 20 percent foresee a weaker business outlook.
Overall, a net weighted balance of 8 percent of manufacturing firms expect a less favorable business situation for the period of July-December 2022, compared to the second quarter of 2022. In the previous quarter's survey, a net weighted balance of 2 percent of manufacturing firms have positive business expectation for the next six months.
The EDB said that the business sentiments in Singapore's manufacturing sector have turned negative, as the sector's external demand will be potentially influenced by increasing global uncertainties.
The Business Expectations of the Services Sector survey released by the Department of Statistics (DOS) showed that a weighted 25 percent of service firms are upbeat about the business conditions in the six months starting this July, while a weighted 10 percent of such firms foresee deteriorating business conditions.
Overall, a net weighted balance of 15 percent of service firms expect more favorable business conditions for the second half of 2022. The net weighted balance is comparable to the same 15 percent recorded in the previous quarter's survey. ■