According to the SCCB, the business optimism index (BOI) fell to 4.60 percentage points in 2Q2023, down from 5.35 percentage points in the year before and down from 4.73 percentage points in the previous quarter.
Business sentiment in Singapore has fallen further in the 2Q2023, making this the fifth straight quarter of moderations.
“The outlook for local businesses has deteriorated slightly owing to a slowdown in manufacturing and wholesale trade sectors. There are also visible moderations in sentiment across the services and financial sectors for 2Q2023,” says Audrey Chia, Singapore Commercial Credit Bureau’s (SCCB) CEO.
