Singapore Private Sector Accelerates In September – S&P Global
By RTTNews Staff Writer ✉ | Published:
The private sector in Singapore continued to expand in September, and at a faster pace, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 57.5.
That’s up from 56.0 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
September data indicated that the overall improvement in business conditions was primarily driven by demand growth with firms registering a record increase in new orders. Panel members suggested that the recent easing in COVID-19 related measures strengthened underlying demand conditions and encouraged the uplift in sales.
At the same time, foreign demand expanded for a seventeenth consecutive month amid reports of new overseas clients. To cater to firmer demand, Singaporean private sector firms ramped up production. The rate of expansion was one of the strongest across the survey history.
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