Singapore’s business sentiment has improved for the fourth consecutive quarter, with a steady rise in the Business Optimism Index (BOI) to +4.94 percentage points in Q3 2024, according to the Singapore Commercial Credit Bureau (SCCB). This is an increase from +4.82 percentage points in Q2 2024 and a year-on-year improvement from +3.98 percentage points in Q3 2023.

The report, published on June 10, 2024, highlights positive trends across key economic indicators such as sales volume, net profit, new orders, and employment levels. However, the inventory level continued to contract, although the decline narrowed to -1.48 percentage points from -2.99 percentage points in the previous quarter.

Key sectors such as construction, transportation, and financial services were the most optimistic, with at least four out of six indicators showing positive trends. In contrast, the manufacturing sector remains subdued, with both sales volume and net profit entering contraction territory at -3.85 percentage points.

Despite these positive developments, Audrey Chia, CEO of SCCB, cautioned about ongoing risks, such as geopolitical tensions and vulnerabilities, which could impact future growth.