The private sector in Singapore continued to expand in April, and at a faster pace, the latest survey from S&P Global showed on Thursday with a PMI score of 55.3.
That’s up from 52.6 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
A key driver of the improved headline reading was a sharp and accelerated rise in total new business placed with Singaporean private sector firms. The rate of new order growth was the best seen for five months, and frequently linked to firmer market conditions and improved client spending.
The upturn was also supported by improved foreign demand for Singaporean goods and services, with new export business rising modestly after a solid decline in March. Firmer customer demand and rising amounts of new work drove a further increase in output, with the pace of expansion quickening to a six-month high. The rate of growth was also comfortably above the series long-run average.
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