Business News
Singapore manufacturers see weak first half 2009
Jan 30, 2009, 3:50 GMT
Singapore - Singapore's manufacturing sector is expecting a weak first half of this year due to the rapid decline in global economic conditions, the city state's Economic Development Board (EDB) said Friday.
The weak business sentiment is broad-based, affecting all clusters in the manufacturing sector.
The marine and offshore segment, which services the global oil and gas industries, expected a drop in orders, resulting from credit tightening and falling oil prices, while the aerospace segment also expected lower maintenance, repair and overhaul activities with the slowdown in the airline industry.
Political and economic conditions have overtaken price competition from overseas competitors as the most important factor limiting export orders in the first quarter of 2009, the EDB said.
The manufacturing sector business expectations survey was conducted between December and January covering some 400 companies.
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