The survey said that in the retail trade, dealers of motor vehicles, furniture and furnishings, and watches and clocks anticipate business to be dull. Among wholesalers, those dealing with industrial machinery, computers and electronic component products express unfavorable business sentiments, the department said.

It said that those involved in the hotel business and catering trade expect business to improve slightly in the next six months.

Business conditions in the services sector are expected to be sluggish. A net balance of 52 percent of firms in the services sector do not expect to do well.

The transport and storage services industry, particularly those in airlines and shipping lines, anticipates slack business in the six months ending March 2002. The real estate sector expects business to be sluggish, especially real estate managers and developers.

In the business services sector, firms engaged in architectural and engineering services and information technology (IT) services foresee business to be slack for the next six months.

Financial institutions, in particular, commercial and merchant banks and stockbrokers, also express unfavorable sentiments. Among finance companies, a large majority of firms expect the business situation to remain the same.

The department said that Singapore's commerce sector experienced a drop in business activity in the third quarter of 2001, with an overall negative net balance of 31 percent.

Wholesalers and retailers did not perform well. Within wholesale trade, dealers of computers, audio and video products and industrial machinery reported a decline in revenue.

In retail trade, sales of motor vehicles, jewelry and furniture and furnishings were lower.

Firms in the catering trade also reported lower receipts. Conversely, hoteliers experienced an upturn in their turnover compared with the second quarter of 2001.

In terms of employment, the results were mixed. Most firms, except those involved in the hotel business, reported a decline in manpower in the third quarter of 2001. Overall, a net balance of 16 percent of firms in the services sector reported lower receipts.

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