04.08.202100:53:00UTC+00Singapore Private Sector Accelerates In July - Markit

The private sector in Singapore picked up steam in July, the latest survey from Markit Economics revealed on Wednesday with a PMI score of 56.7.

That's up from 50.1, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

A brief period of Phase 3 re-opening, announced and implemented in July, boosted business activity and demand in the month. New orders and output growth both improved sharply to rates not seen since June 2018 according to the survey.

Anecdotally, firms that offered goods and services through online platforms continued to see higher business activity while those that were affected by the Phase 2 restrictions were able to find demand returning during the brief easing of restrictions. Foreign demand likewise improved in July.