Study Local Business Sentiment Soars, Most Optimistic Since 2023

13 Mar, 2024

Study Local Business Sentiment Soars, Most Optimistic Since 2023

: Businesses are expressing heightened optimism regarding sales volumes and net profits for the upcoming quarter, signaling positive economic sentiments. This surge in optimism is highlighted in the latest study conducted by the Singapore Commercial Credit Bureau (SCCB), revealing a significant increase in business sentiment to a one-year high for the second quarter of 2024.

According to the SCCB's Business Optimism Index, there has been a notable uptick of 4.82 percentage points from the previous quarter, marking three consecutive quarters of growth. Moreover, this quarter's index surpasses the levels observed during the same period last year, indicating sustained positive momentum in the business outlook.

The study delineates shifts in optimism across six key indicators. While businesses exhibit heightened confidence in sales volume and net profit, sentiments towards selling price, new orders, employment, and inventory levels are relatively subdued. However, despite these fluctuations, certain sectors stand out for their robust optimism. Construction and transportation sectors lead the optimism charts, followed closely by the services sector, while the wholesale sector also demonstrates positive indicators.

Overall, the study reflects a buoyant outlook among businesses, suggesting a favorable economic landscape and potential opportunities for growth in various sectors.