Singapore's private sector continued to grow in January, although at a slower rate, according to recent data from S&P Global. The Purchasing Managers' Index (PMI) score for the month was 54.7, a slight decline from December's 55.7, but still above the critical 50-point mark that distinguishes growth from contraction.
The demand for Singaporean products and services remained robust at the beginning of the year, driven by favorable demand conditions and promotional activities that increased new business, as reported by industry insiders. This sparked a 13th consecutive monthly increase in business activity, led primarily by the wholesale and retail sector. While the rates of incoming new business and activity growth have slowed since December, they remain significant in historical context.
However, there was a noticeable drop in new orders from overseas, largely due to increased competition and a comparatively robust domestic currency.
