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Businesses foresee improving situation in 3Q, says DOSM

KUALA LUMPUR (Aug 29): Businesses foresee an improving business situation in the third quarter of 2023 (3Q2023), with the confidence indicator turning positive to 0.7% from -3.1% in 2Q2023, said the Department of Statistics Malaysia (DOSM).
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said this was supported by factors such as the stability of the job market, the upsurge in domestic tourism, and optimistic expectations for the health tourism industry.
“In 3Q2023, positive business expectations were bolstered by the services and industry sectors,” he said in a statement on business tendency statistics for the quarter on Tuesday.
The DOSM said the services sector remained optimistic about its business outlook, with a confidence indicator of 6.1%, versus 3.9% in the previous quarter.
Simultaneously, sentiment within the industry sector swung to a positive trajectory by posting 1.3%, from -2.1% in 2Q2023.
The DOSM said the better perception of the industry sector was supported by two sub-sectors, namely agriculture and mining, both of which anticipated favourable business conditions in the current quarter.
On the other hand, the construction sector persisted in anticipating negative business conditions, with a confidence indicator of -26.9% in 3Q2023, it said.
“Likewise, the wholesale and retail trade sector remains pessimistic, but with an improved confidence indicator of -1.5%, from -10.2% in 2Q2023,” it added.
Upbeat business sentiment for 2H2023 
The DOSM said looking at the business sentiment for the six months ahead ending Dec 31, 2023, businesses remained upbeat, albeit at a lower net balance of 13.9%, from 14.9% recorded in the preceding quarter.
“The positive outlook is underpinned across all sectors, indicating improved business conditions in the forecast period,” the agency said.
The DOSM said the services sector anticipated a favourable situation in the upcoming six months, with a net balance of 27.0%, against the 30.1% recorded for the April-September 2023 period.
Similarly, the business tendency survey found the industry sector expected a better business situation, with a net balance of 9.7%, compared with 15.6% previously.
Moreover, the wholesale and retail trade as well as construction sectors turned optimistic about the business situation in the second half of 2023.
Sentiment within the wholesale and retail trade sector improved with a net balance 7.2%, aided by a better outlook for the wholesale trade sub-sector.
The DOSM said the construction sector also foresaw positive business conditions, with a net balance of 2.6%, compared with the -7.7% recorded previously.

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Source: EdgeProp.my

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