{"id":10903,"date":"2023-07-23T10:56:39","date_gmt":"2023-07-23T02:56:39","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=10903"},"modified":"2023-07-25T10:01:22","modified_gmt":"2023-07-25T02:01:22","slug":"4-best-performing-business-sectors-in-2q-2023","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/4-best-performing-business-sectors-in-2q-2023\/","title":{"rendered":"4 Best Performing Business Sectors In 2Q 2023"},"content":{"rendered":"\n

According to the GDP \u201cNowcast\u201d by OCBC, Singapore\u2019s GDP is projected to be at -0.3%. This is the worst, and first negative, GDP projected since OCBC first started its OCBC SME Index in 1Q2021.<\/p>\n\n\n\n

Nevertheless, the economic outlook for various industries is uneven. Many sectors continue to be buoyed by domestic demand, while outward facing industries are being dragged by sluggish external demand. <\/p>\n\n\n\n

According to the OCBC SME Index 2Q2023<\/a> (released in July 2023), these are the four best-performing business sectors.<\/p>\n\n\n\n

Read Also: Using The Government-Assisted SME Working Capital Loan To Grow Your Business<\/a><\/em><\/strong><\/p>\n\n\n\n

#1 Building & Construction<\/strong><\/h3>\n\n\n\n

Growing at a healthy pace of 51.3, the best performing business sector in 2Q2023 is the Building & Construction industry. Readings above 50 in the OCBC SME Index signifies improved business activity while those below 50 indicates deteriorating in business activity.  <\/p>\n\n\n\n

\"Building<\/figure>\n\n\n\n

Source: OCBC SME Index 2Q2023<\/p>\n\n\n\n

SMEs in Building & Construction industry have benefitted from a steady pipeline of both public and private projects. They were also able to complete projects following a return in manpower to pre-pandemic levels in the sector.<\/p>\n\n\n\n

Within the Building & Construction industry, all sub-segments registered improved business activities. In particular, SMEs in the construction segment saw collections and payments improving 15.0% and 13.0% respectively.<\/p>\n\n\n\n

Industry<\/strong><\/td>OCBC SME Index 2Q2023 <\/strong><\/td><\/tr>
Building & Construction<\/td>51.3<\/td><\/tr>
– Construction<\/em><\/td>51.2<\/td><\/tr>
– Investment Companies and Operators<\/em><\/td>51.2<\/td><\/tr>
– Building Materials<\/em><\/td>50.5<\/td><\/tr>
– Other Building & Construction<\/em><\/td>51.7<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

#2 Education<\/strong><\/h3>\n\n\n\n

The Education industry was the second-best performing industry in Singapore. Despite witnessing a growth in the sector, the OCBC SME Index 2Q2023 found that overseas collections fell by 27% compared to last year. This was not unexpected, as 40% of business owners in the sector cited inflation as the biggest challenge<\/a> in the next six months.<\/p>\n\n\n\n

\"Education<\/figure>\n\n\n\n

All segments, with the exception of Formal Education & Commercial Schools, within the Education industry registered a reading above 50.<\/p>\n\n\n\n

Industry<\/strong><\/td>OCBC SME Index 2Q2023 <\/strong><\/td><\/tr>
Education<\/td>50.8<\/td><\/tr>
– Early Childhood Education<\/em><\/td>50.7<\/td><\/tr>
– Training Centres<\/em><\/td>50.6<\/td><\/tr>
– Recreation Classes<\/em><\/td>50.7<\/td><\/tr>
– Formal Education & Commercial Schools<\/em><\/td>49.4<\/td><\/tr>
– Other Education<\/em><\/td>51.2<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Read Also: The Singapore Dollar Is Strengthening Against Foreign Currencies. What Does This Means For Singapore Businesses?<\/a><\/em><\/strong><\/p>\n\n\n\n

#3 Business Services<\/strong><\/h3>\n\n\n\n

After strong growth since mid-2022, the Business Services industry tapered to a reading of 50.2. Nevertheless, this is still a healthier performance compared to the previous quarter. <\/p>\n\n\n\n

\"Business<\/figure>\n\n\n\n

Two segments within the Business Services industry saw poorer business activities. These were SMEs in Business Consultancy and Accounting and Legal segments. <\/p>\n\n\n\n

Meanwhile the strongest performance among all sub-segments also came from the Business Services industry \u2013 with the Other Business Services registering a reading of 52.0.<\/p>\n\n\n\n

Industry<\/strong><\/td>OCBC SME Index 2Q2023 <\/strong><\/td><\/tr>
Business Services<\/td>50.2<\/td><\/tr>
– Business Consultancy<\/em><\/td>49.2<\/td><\/tr>
– Advertising and Exhibition<\/em><\/td>51.7<\/td><\/tr>
– Accounting and Legal<\/em><\/td>49.8<\/td><\/tr>
– Other Business Services<\/em><\/td>52.0<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

#4 F&B<\/strong><\/h3>\n\n\n\n

The F&B industry \u2013 with a reading of 50.1 \u2013 rounds off the list of positive-performing business sectors in Singapore. The overall reading for the F&B industry was pulled down by SMEs in the F&B Wholesale Trade, which saw a reading of 46.5. This was the worst reading among industries that registered positive business activities in 2Q2023, and the third-worst sub-segment readings overall.<\/p>\n\n\n\n

According to the OCBC SME Index 2Q2023, almost a third of F&B businesses have insufficient cash balances to cover 6-months of operations.<\/p>\n\n\n\n

\"F&B<\/figure>\n\n\n\n

While many business segments witnessed a tapering in business activities, the F&B Retail segment has displayed continued strength. Business activities within the sector has improved 5 consecutive quarters \u2013 in spite of the overall tapering in business activities.<\/p>\n\n\n\n

Industry<\/strong><\/td>OCBC SME Index 2Q2023 <\/strong><\/td><\/tr>
F&B <\/td>50.1<\/td><\/tr>
– F&B Services<\/em><\/td>51.8<\/td><\/tr>
– F&B Wholesale<\/em><\/td>46.5<\/td><\/tr>
– F&B Retail<\/em><\/td>51.3<\/td><\/tr>
– Other F&B<\/em><\/td>51.6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Read Also: Putting Restaurants First: How Jonathan Lim, Founder of Oddle, Bridges The Gap Between Restaurants, Delivery and Hungry Customers<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"A third of F&B businesses do not have enough cash to cover 6 months of operations.\n","protected":false},"author":10,"featured_media":10908,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[364],"tags":[1758,1757,285,245,1124],"yoast_head":"\n4 Best Performing Business Sectors In 2Q 2023 | DollarsAndSense Business<\/title>\n<meta name=\"description\" content=\"Businesses that catered to the local market performed well, while outward facing SMEs were dragged by inflation and economic uncertainties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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