The pace of expansion within Singapore's private sector continued into October, albeit at a moderated rate, as indicated by the latest S&P Global survey, which reported a Purchasing Managers' Index (PMI) of 55.5. This figure shows a slight decrease from the previous 56.6, yet it remains above the threshold that distinguishes expansion from contraction.
Demand for Singaporean goods and services saw a significant uptick in October, fueled by enhanced underlying demand conditions and ongoing business development initiatives. Notably, the wholesale and retail sector experienced the fastest growth in new sales according to detailed sector data.
This considerable increase in new business has spurred an acceleration in business activity growth. Additionally, there was a significant rise in the backlog of work, with firms in the real estate and business services sector witnessing the most substantial accumulation.
