2024.01.0406:27:00UTC+00Singapore Private Sector Growth Remains Strong

Singapore's private sector activity expanded at a solid pace in December, as new business rose at the fastest rate in nineteen months, survey figures from S&P Global showed on Thursday.

The purchasing managers' index dropped slightly to 55.7 in December from 55.8 in November. Nonetheless, A reading above 50.0 indicates expansion in the sector.

The new business received by service providers grew at the sharpest pace since May last year.

Increased output expansion was bolstered by faster new business growth, which further contributed to the backlog in December, the survey said.

Consequently, companies increased their staffing capacity and purchasing activity at the end of the final quarter.

On the price front, input prices rose further in December amid higher costs for raw materials, shipping, and financing. However, selling price inflation eased, reflecting some pressure on margins for private sector firms.