The ongoing expansion of Singapore's private sector continued into April, albeit at a diminished rate, according to the latest data from S&P Global released on Monday. The services sector's purchasing managers' index (PMI) was reported at 52.6, a decline from 55.7 in March but still above the crucial mark of 50, which delineates growth from contraction.
Fueled by improving demand conditions, new orders have steadily grown for the sixteenth consecutive month, promoting sustained output growth at the beginning of the second quarter. The transport, information & communication sector saw the quickest boost in activity.
Despite the fact that both new orders and output growth rates have decelerated to a nine-month low, they remain robust and above their respective historical averages. As new orders increased at a faster rate than output, backlogs continued to pile up in April. Even though the accumulation rate has slowed to its lowest in over a year, it remains substantial.
