2021.02.0223:55:00UTC+00Singapore Private Sector Picks Up Steam In January - Markit

The private sector in Singapore continued to expand in January, and at a faster pace, the latest survey from Markit Economics showed on Wednesday with a PMI score of 52.9.

That's up from 50.5 in December, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Demand improved which panel members linked to promotional efforts, client referrals and the easing of coronavirus disease 2019 (COVID-19) restrictions. New orders increased for the second month running with the rate of growth the strongest since June 2018.

Export levels at the start of the year were broadly unchanged, however. To cater for the growth in new orders, output rose at the sharpest rate since April 2019.

Respondents noted a cut in workforce numbers at the start of the year with voluntary resignations often cited. This extended the current period of reduction to 17 months.