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Singapore firms more pessimistic after poorer Q1 performance: survey

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Tessa Oh

Tessa Oh

Published Mon, May 15, 2023 · 05:50 AM
    • Overall, firms have become more pessimistic about business prospects for the next six months, showed the latest quarterly BT-SUSS Business Climate Survey.
    • Overall, firms have become more pessimistic about business prospects for the next six months, showed the latest quarterly BT-SUSS Business Climate Survey. PHOTO: BT FILE

    SINGAPORE’S firms grew more pessimistic as business conditions weakened further in the first quarter of 2023, the latest quarterly Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.

    In Q1, all three business performance indicators deteriorated from a quarter ago. The net balance for sales took the biggest hit, tumbling 20 percentage points to -25 per cent.

    The net balance is the difference between the share of firms with an increase and those with a decrease in an indicator, compared to the year-ago period. A positive net balance suggests expansion, and a negative one, contraction.

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