Singapore's services sector firms are expecting weak business conditions during the April till September period, with 4% of the firms expecting a less favorable outlook, according to data released by the Singapore Department of Statistics on Thursday.
Firms from the food and beverage services cluster expect softer outlook due to fewer festive events on top of cost cutting due to rising prices.
Similarly, the transport and storage industry is also expecting dampened market confidence during the period.
Business conditions are likely to be more challenging for the retail trade industry.
Meanwhile, the wholesale trade industry is forecasting an upbeat business outlook, backed by increased demand for scalable storage.
A net weighted balance of 1% of firms from the services industries are projecting weaker operating revenue, while employment outlook has been predicted to remain unchanged.