Singapore's private sector experienced increased growth in February, with a Purchasing Managers' Index (PMI) score of 56.8, reveals S&P Global's latest survey. This shows significant growth from January's 54.7 PMI, indicative of a robust and expanding economic climate.
This growth trajectory can be primarily attributed to the improving demand conditions, which sparked an expansion in business activity. Notably, incoming new business witnessed a simultaneous acceleration, marking its fastest growth rate in nine months. This, consequentially, led to a significant increase in business activity.
Reviewing the data by sub-sector, the transport, as well as the information and communication sectors, topped the charts in new sales and activity.
Despite employment levels reaching record highs in February to manage the increasing workloads, the inflow of new work led to a substantial accumulation of backlogged work. However, this does indicate a thriving business environment with opportunities for further expansion.
