Survey: SG business confidence up for 4th straight quarter.

The business optimism index was up a bit, but only to 4.94 percent points for the third quarter of 2024, up from 4.82 percent points during the prior quarter.

The index is based on an annual survey of business sentiment carried out by Singapore Commercial Credit Bureau. The survey includes 200 top business leaders and executives from various industries. The survey asks respondents about their expectations for six areas of business that include Sales Volumes (volumes of sales) and Net Profits (net profits) and Selling Prices (selling prices) and New Orders (new orders) Inventory, New Orders, and Employment levels.

The index grew by 3.98 percentage points than the third quarter of 2023.

Transportation, construction and financial sectors showed the most optimism with at least four out of six indicators showing positive.

Six of the indicators were positive which indicates a generally negative mood in the manufacturing sector.

The 3rd quarter of 2024 is expected to witness the sales volume and the net profit drop to minus 3.85 percent points, down from zero percent in the previous quarter. This marks the start of contraction.

Six indicators in three indicated a slight improvement in the sentiments of the wholesale sector in the third quarter of 2024.

Sales volume and Net Profit grew up to 6.67 percentile points in the third quarter of 2024, up from less than 6.67 percentile points during the prior quarter.

The indicators for three of the six that describe this sector are favorable.

Meyer Blue

The third quarter of 2024 is expected to have a positive outlook for local businesses.

The service and financial sectors are positive, despite the continuing growth of the transportation and construction sectors. The sectors that are geared towards external demand like retail trade and wholesale trade are more optimistic due to the increase in global demand.

There are risks to be aware of like the escalating geopolitical tensions and vulnerability.

The sales volumes indicators and selling price, as well as new orders, and the number of employees were all growing similar to the prior quarter.

The decrease in inventory levels slowed from less than 2.99 percent to less than 1.48 in the third quarter of 2024.

Six indicators, including three, have shown improvement over the last quarter. They included the volume of sales, net profits and the level of employment. However, the selling price and the amount of new orders were down.

Net profits and sales volume both grew by 5.93 percentage points over the year in the third quarter as in comparison to 2.99 percentage points in the prior quarter.

The 3rd quarter of 2024 witnessed an increase in the number of orders, which rose to 5.19 percent, up from 4.48 percent during the prior quarter, and employment increased to 6.67 percent, up from 4.48 in the previous quarter.

The 3rd quarter of 2024 witnessed an increase in the price of selling to 7.41 percent, down from 11.19 percent in the year prior.


error: Content is protected !!