Overall business confidence plunges sharply in Q2

This is one of the lowest readings since 2Q13.

Overall business confidence registered a sharp year-on-year decline in the second quarter, posting the second lowest reading in two years since 2Q13.

The Singapore Commercial Credit Bureau (SCCB)’s latest quarterly Business Optimism Index (BOI) posted a result of +9.0 percentage points, markedly lower than the +22.66 percentage points posted in Q2 2014.

On a quarter-on-quarter basis, however, this result is higher than the +1.11 percentage points recorded in in Q1 2015.

For Q2 2015, the services sector emerged as the most optimistic sector, followed by the financial sector.

On the other end of the spectrum, both manufacturing and transportation sectors were least optimistic about the outlook for Q2 2015.

“After three quarters of sustained declined, we are finally seeing a reversal in the downtrend of business optimism here. While the signs are encouraging, local businesses have yet to regain the same level of confidence a year ago when overall BOI was well above the 10 percentage point mark,” said Audrey Chia, SCCB’s Chief Executive Officer.

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