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The private sector in Singapore climbed back into expansion territory in January, the latest survey from S&P Global showed on Friday with a PMI score of 51.2.
That's up from 49.1 in December, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Demand for Singapore goods and services rose in January, supported by better underlying demand conditions and strong international demand. Specifically, new export orders increased at an above-average rate in the beginning of the year.
Anecdotal evidence suggested that improvements in tourism activity and new client wins underpinned the improvements. Sub-sector data further revealed that finance & insurance firms saw the fastest rise in overall demand, followed by consumer services in January.
