Business expectation surveys showed Singaporean enterprises became pessimistic about business situation in the first half of 2019.

A survey report released by Singapore's Economic Development Board on Thursday showed that a weighted 5 percent of manufacturers expect business conditions to improve while a weighted 19 percent foresee a weaker business outlook for the first half of 2019.

Overall, a net weighted balance of 14 percent of manufacturers anticipate a less favorable business situation for the first six months of 2019, compared to the fourth quarter of 2018. According to the preceding survey report released a year ago, a net weighted balance of 1 percent of manufacturers expected an improved business situation for the first six months of 2018, compared to the fourth quarter of 2017.

The new report also said compared to the fourth quarter of 2018, a net weighted balance of 2 percent of manufacturers expect output to decrease in the first quarter of 2019 and a net weighted balance of 2 percent of manufacturers plan to hire fewer workers in the first three months of this year.

On the other hand, another survey report released by the Department of Statistics also on Thursday showed that a net weighted balance of 4 percent of service firms expect less favorable business conditions for January-June 2019, compared with July-December 2018. According to the preceding report released a year ago, a net weighted balance of 3 percent of service firms expected more favorable business conditions for January-June 2018, compared with July-December 2017.

The new report said a net weighted balance of 7 percent of service firms forecast operating receipts to decrease in the first quarter of 2019 compared with the previous quarter and a net weighted balance of 2 percent of service firms expect an increase in hiring activities in the first quarter of this year.