, Singapore
119 views

More services firms expect favourable business conditions in Q2

The percentage of firms who are upbeat on business was up to 15% from 14% last quarter.

Firms in the services sector expect a more favourable business condition in the second quarter of 2022, data from the Department of Statistics Singapore revealed.

From April to September 2022, 23% of services firms expect their business to improve, whilst 8% foresee deteriorating conditions.

This resulted in a net weighted balance of 15% of firms expecting more favourable business conditions, which is higher than the 14% recorded in the previous quarter.

Outlook of firms also remains positive towards operating revenue and employment, hitting a net weighted balance of 16% and 11&, respectively.

All industries in the services sector expect their business conditions to improve in Q2, except retail trade whose net weighted balance dropped to -5%.

The retail trade was also the only industry that expects a drop in its revenue in Q2.

On the other hand, the transportation and storage industry, was the most upbeat with their net weighted balance at 23%, followed by wholesale trade at 19%, finance and insurance at 18%, recreation, community & personal services industry at 16%, and accommodation at 15%.

Transportation and storage were also the industry with the most positive outlook on operating revenue (30%), and employment (19%), tied with wholesale trade.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!