Singapore’s private economy expands for 18 consecutive months

SINGAPORE, Sept. 4 (Xinhua) — The seasonally adjusted S&P Global Singapore Purchasing Managers’ Index (PMI) was recorded at 57.6 in August, up from 57.2 in July, marking a continued improvement in private business conditions for 18 straight months, the S&P Global said Wednesday.
Supported by rising new business inflows in August, the growth rate accelerated for four consecutive months to the fastest since October 2022.
The new orders and output increased at the most rapid rate in 23 and 22 months, respectively, driven by improvements in underlying demand conditions and effective business development efforts.
Firms in the real estate and business services sector experienced the sharpest rise in new business inflows and activity.
Meanwhile, shipping, supply, and labor constraints led to a worsening of vendor performance in August. Higher transport costs, stemming from supply issues, coupled with rising input material costs, resulted in rising purchase prices last month.
Despite worsening supply conditions and price pressures, Singaporean private firms maintained a positive outlook for business activity in the year ahead.
The level of optimism soared to the highest in more than three years with hopes that business conditions can improve and support sales. ■