A recent survey issued by Nikkei Singapore shows that the second quarter of this year brought a significant increase in the private sector. The Purchasing Managers’ Index (PMI) grew up to 52.6 points in April from the 52.2 points registered in March. This was also the highest increase since November last year. If you want to open a company in Singapore and need assistance, our local company formation consultants can guide you.
Singapore companies in the private sector are doing quite well, according to the PMI as their output has rose considerably at the beginning of the second quarter. The growth was due to an increasing number of orders which has led to the PMI rising at 52.6 points, the highest increase since the end of 2016. Export sales also rose which has determined the business community to become more confident in Singapore’s economy.
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Once again manufacturing was the industry performing the best during the spring, as the factory activity has increased for the eighth month in a row in April. The services, construction and retail were the other industries performing above the expectations during the same month. According to economists at Nikkei Singapore, it has to be taken into account these numbers show the results of Singapore private companies without factoring in the production of public companies, therefore the overall output and new orders are higher than these.
Even if the prices also rose a little as are result of increasing demands, companies had announced at the time that these rises were modest and the competition among retailers limited the higher costs incurred on consumers. Even so, the good results registered by private companies are expected to have a positive effect on investments and employment in the near future.
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