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On the rise: Singapore firms feeling more upbeat

Posted by Property Launch Invest on Sunday, 29 September 2013 in Property News

Stephen Studd | The Photographer's Choice | Getty Images

Singapore's business district skyline at dusk

Businesses confidence in Singapore rose in the first half of the year on the back of improving access to capital and a brighter economic outlook, a survey published by the Association of Chartered Certified Accountants (ACCA) on Thursday showed.

According to the survey, 44 percent of finance professionals surveyed were more optimistic about the macro-economic environment in the first half of the year, saying things were either getting better or about to do so,compared with only 19 percent in the second half of 2012.

The findings are part of a global economic conditions survey(GECS), which ACCA says is the largest quarterly economic survey of accountants in the world.

Of the respondents to the survey in Singapore, 38 percent reported a loss of confidence in the prospects for their companies in the first half of the year, an improvement from 52 percent in the second half of last year.

Singapore banks are the way to go

David Marshall, Senior Analyst, Asia-Pacific Financials at CreditSights tells CNBC's Cash Flow why he likes Singapore banks at the moment.

"Across the globe the survey shows the highest level of optimism about the national and global economies in two years, and the strongest year-on-year improvement in three years," said Emmanouil Schizas,senior economic analyst at ACCA.

"The GECS findings are also pointing towards signs of recovery in Singapore. Singapore businesses have halted a year-long slide in capital spending and investment in staff and reported improved access to growth capital," Schizas added.

Singapore's economy grew an annualized 15.2 percent in the second quarter of the year from the first, its strongest showing in more than two years, an advanced reading of the gross domestic product data released last month showed.

— By CNBC Dhara Ranasinghe 1st August 2013

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PROPERTY LAUNCHES & INVESTMENTS

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On the rise: Singapore firms feeling more upbeat

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