Singapore Private Sector Slows In December - S&P Global

(RTTNews) - The private sector in Singapore continued to expand in December, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a PMI score of 51.5.

That's down from 53.9 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Business activity expanded at a rate that was modest and the softest for 22 months at the end of 2024. This was in line with the trend for new business, where growth also decelerated to the slowest since February 2023. While Singaporean businesses generally observed an improvement in demand with business development efforts bearing fruit, some industries faced a slowdown in December according to panelists.

New business rose quickest within the finance and insurance sector, but notably declined for manufacturers and construction firms. Softer new business growth contributed to a slowdown in the rate of backlog accumulation in December. The pace at which the level of unfinished work rose was the lowest recorded in two years.