Singapore PMI rises as record demand boosts activity

Singapore’s private sector expanded at a faster pace in April, as the headline seasonally adjusted S&P Global Singapore Purchasing Manager’s Index (PMI) rose to 57.9 from 56.7 in March, according to S&P Global Market Intelligence on Wednesday, News.Az reports, citing Xinhua.

The latest reading indicated the second-strongest improvement in business conditions since July 2022, with only February’s figure being higher, according to the statement.

Growth momentum strengthened at the beginning of the second quarter, supported by a record inflow of new business.

“The Singaporean private sector gained speed in April, with stronger growth in output and a record influx of new business,” said Eleanor Dennison, economist at S&P Global Market Intelligence.

She noted that April’s surge in demand led to a sharp rise in input requirements, which in turn triggered a record increase in buying activity.

However, she also pointed out that elevated inflationary pressures encouraged firms to reduce costs, resulting in a decline in employment.

According to her, headcounts fell at the steepest rate in nearly a year, partly due to a pullback following strong hiring in the previous two months and reduced reliance on temporary workers.

“The modest fall in headcounts failed to dampen business sentiment at Singaporean firms as growth expectations were their brightest on record,” she added.

News.Az 

By Nijat Babayev