Since the beginning of the year, the Singapore trade sector registered the highest growth compared to other industries thanks to the increase in the manufacturing segment. According to statistics, April was the months in which the Purchasing Managers’ Index (PMI) rose the most – from 52.2 to 52.6. Further increases are expected during the next few months thanks to a stronger business sentiment. Our Singapore company formation specialists can assist foreign investors interested in starting a business in the manufacturing industry.
As the decisions of the new budget are implemented, the first positive effects are also starting to show on Singapore’s economy. Not only that, but the manufacturing industry is now the best quoted of all trade-related sectors in the city-state as according to the statistics, the PMI rose up to 52.6. This is the highest growth registered by this industry in the last 5 months thanks to a rise in factory output and new orders.
Our company registration consultants in Singapore can assist foreign entrepreneurs who want to establish companies in any of the trade-related industry.
The results registered so far by the trading sector and its related-industries have great chances to positively impact the city-state’s Gross Domestic Product (GDP) by the end of the year. The Monetary Authority is also positive about the economic growth to be registered by Singapore this year, predicting a 1% to 3% increase by the end of 2017.
Among the factors to influence this growth, the increase in capital expenditure has made Singapore companies more secure in their capacity of obtaining higher returns this year. Also, the labor market conditions are expected to improve on the background of these developments, especially since China which is one of the greatest influencers of the global economy is a more stable market now.
Back to Singapore, the modern services segment is expected to grow at the fastest pace this year, thanks to the financial and IT services sectors. Healthcare and education are also on the short list of industries with a great development potential in 2017.
For full information on the best performing industries in the city-state, please contact our company formation agents in Singapore. We can also help you open a Singapore company.