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Singapore Economy: Growth in Singapore's Private Sector Reached a 1-Year High

London, Tuesday, 5 December 2023

Growth in Singapore's Private Sector Reached a 1-Year High

Singapore Economy:

The S&P Global Singapore PMI increased from 53.7 in October 2023 to 55.8 in November 2023, indicating the strongest monthly growth of Singapore's private sector in a year and the ninth consecutive month of growth.

By the end of 2023, there was a noticeable increase in new business growth, which fuelled more business activity and quicker job creation.

Additionally, business confidence remained high as companies continued to believe that better economic conditions will enable sales growth in the upcoming year. Destocking initiatives, however, restrained inventory levels and buying activity.

Furthermore, during the most recent survey period, pricing pressures decreased even as vendor performance declined. S&P Global Market Intelligence's Jingyi Pan, an associate director in economics, stated: "New business inflows rose at a faster pace, reflecting strong demand for Singaporean goods and services."

(Source: Trading Economics // Edited by The Decision Maker - Finance editors)


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