Manufacturing and services firms in Singapore have become less upbeat about business prospects for the second half of 2019, two surveys showed. The surveys, which cover business expectations for July till December 2019, were released by the Economic Development Board (EDB) for the manufacturing sector and the Department of Statistics (SingStat) for services.
Local manufacturers expect business conditions to stay soft over the upcoming six months as trade tensions persist, EDB said. Apart from the prolonged trade spat between the United States and China, the sector, which accounts for about one-fifth of the economy, has also been feeling the heat from slowing global growth and a global electronics cycle downturn.
Likewise, the survey by SingStat showed moderating business expectations among services firms here, with a net weighted balance of two per cent of firms predicting a more favourable business outlook. This is weaker than the nine per cent recorded for the same period last year, as well as the four per cent seen in the previous quarter, according to the latest survey.