ASEAN KEY DESTINATIONS
Singapore industry is optimistic
In the manufacturing sector, a weighted 17 percent of manufacturers expect business conditions to improve while a weighted 5 percent anticipate conditions to deteriorate over the July to December period, according to the Economic Development Board (EDB).
All manufacturing clusters have also projected a higher level of output in the third quarter of 2011, except the chemicals cluster.
Employment prospects in the manufacturing sector for the third quarter are also expected to remain positive, said the survey.
Among all the manufacturers polled, a weighted 97 per cent of them expects employment level in the third quarter to increase or remain similar, compared to the second quarter of the year.
The survey on manufacturers' business expectations for the third quarter was conducted between June and July this year.
Overall, a net weighted balance of 12 per cent of manufacturers expect a more favourable business situation in the next six months ending December, compared to the second quarter.
The transport engineering cluster, which includes rig builders and the aerospace segment, was the most optimistic. A net weighted balance of 24 percent of firms foresee improved business conditions in the second half of this year compared to a quarter ago.
EDB said the marine and offshore engineering segment expects to benefit from robust oil and gas exploration activities on the back of high oil prices, while the aerospace segment anticipates more repair jobs ahead as air traffic remains strong.
For general manufacturing industries, 19 pe cent expect business to improve due to higher festive orders in the food, beverages and tobacco segment in the next two quarters.
In the electronics cluster, 14 percent of firms are optimistic about the business situation, compared to a robust 33 percent in the same period last year.
A separate survey of services companies by the Department of Statistics showed a net weighted 19 per cent are optimistic about prospects in the next six months, up from 17 percent in the survey published in April.
However, it is smaller than the net weighted balance of 33 per cent recorded in the same period last year.
On the whole, a net weighted balance of 21 percent of firms in the services sector anticipate revenue to rise while 17 percent expect manpower to increase for third quarter over the preceding quarter.
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