Services firms less optimistic about business in first 6 months of 2022

Across industries, firms in wholesale trade expressed the highest optimism.

Services firms in Singapore are less optimistic about the business conditions in the next six months.

Data from the Singapore Department of Statistics showed that a net weighted balance of 14% of firms is expecting more favourable business conditions for January 2022 to June 2022.

This is lower than the net weighted balance of 19% for October 2021 to March 2022.

Except for real estate, all industries expected improved business conditions for the first six months of 2022.

The highest optimism was seen in firms in the Wholesale Trade and Information and Communication that both had a net weighted balance of 20%.

Firms in the Finance and Insurance (19%), Transporation and Storage (17%), Retail Trade (11%), Recreation, Community and Personal Services (11%), and Professional Services were also positive about their business conditions.

On the other hand, firms in real estate expect less favourable business conditions in the coming months with a net weighted balance of -12%.