Companies in the industrial or oil and gas (O&G) sector as well as the manufacturing and engineering sector have felt the pinch more than most at 91% and 90% respectively, while 63% of all businesses have seen increased operating costs and 42% have similarly experienced an increase in raw material costs.
Up to 84% of businesses in Singapore have reported being somewhat or highly affected by inflation, according to information from a UOB Business Outlook Study 2024 conducted from the end of December last year to mid-January 2024 for small- to medium-sized enterprises (SMEs) and larger enterprises.
The study was conducted between the end of December 2023 to mid-January this year with 800 businesses with an annual turnover of less than $300 million. Small businesses were defined as having an annual turnover of less than $10 million while mid-sized businesses were defined as having an annual turnover of $10 million to $300 million.
