Nearly half of local industries expects business situation to be worse in second quarter

Business | 24 Apr 2020 6:21 pm

The proportion of local industries expecting their business situation to be worse in this quarter grew to 44 percent from 31 percent in the previous survey, while only 7 percent of the respondents thought their business would be better compared with the first three months this year, according to the Census and Statistics Department.

This marked the lowest record in market sentiment since the first quarter of 2009, while hiring sentiment was weak across sectors, as the severe economic fallout from the coronavirus pandemic weighed heavily on the business sentiment among large enterprises, said a government spokesman.

In particular, significantly more respondents in the accommodation and food services; transportation, storage and courier services; import/export trade and wholesale; retail; professional and business services; financing and insurance; and real estate sectors expect their business situation to be worse in this quarter as compared with January-to-March period, relative to those expecting a better business situation, the data showed.

Respondents in all of the surveyed sectors expect their employment to remain broadly unchanged or to decrease this quarter, especially for the accommodation and food services; and retail sectors, said the government department.

Meanwhile, respondents in all of the surveyed sectors expect their selling prices or service charges to remain broadly unchanged or to go down.



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