Concerts, F1 drive optimism in Singapore services sector despite transport, finance caution
DOS said the third-quarter 2025 survey, conducted from June to July, found that 17 per cent of firms were upbeat about business conditions, while 15 per cent anticipated a deterioration, resulting in a net weighted balance of two per cent of firms expecting a more favourable business outlook.
Within the sector, industries expressing positive business sentiment include accommodation, wholesale and retail trade, recreational, community and personal services, as well as information and communications.
'Hoteliers and retailers are optimistic due to upcoming concerts and sporting events, as well as the year-end festive season. These are expected to boost tourism and increase hotel occupancy rates, while driving sales growth for retailers,' according to a statement on the findings.
Meanwhile, industries such as transportation and storage, and finance and insurance expect more challenging business conditions in the second half of the year.
'Water transport firms are cautious about the geopolitical uncertainties and anticipate lower demand for their services due to front-loading activities by firms ahead of the expiration of the 90-day pause in the United States' reciprocal tariffs,' it noted.
The services sector, with a net weighted balance of seven per cent, foresees higher revenue for the third quarter, particularly in the accommodation industry, supported by major events such as the Singapore Grand Prix.
In line with the positive revenue outlook, firms in the accommodation industry also anticipate increased hiring to meet the expected rise in tourist arrivals for these upcoming events.
'The majority of the industries expect to increase hiring activity for the period July to September, with a net weighted balance of nine per cent,' the survey found.
The Business Expectations Survey covers around 1,500 enterprises across wholesale and retail trade, transportation and storage, accommodation, food and beverage services, information and communications, finance and insurance, real estate, professional, administrative and support services, as well as recreation, community and personal services.
Respondents are asked about their expectations of the business situation in the next six months, as well as operating revenue and employment in the next three months. — Bernama
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