The IHS Markit Singapore PMI increased to 51.0 in December 2019 from 50.4 in a month earlier. This was the second straight month of growth in private sector and the highest reading since July, as output grew the most in five months, and new orders picked up on the back of firmer domestic demand, new client wins and promotional activities. Buying activity, meanwhile, went up the most in a year, with some firms were reportedly stock building due to the improved trend in demand. Consequently, pre-production inventories rose for the first time since the end of 2018. At the same time, export sales fell sharply, amid external political issues, while employment shrank for the fourth month in a row, with backlogs rising at the fastest rate in eight months. Regarding inflation, both input costs and output prices went up at slower rates. Looking ahead, confidence slid to near three-year low. Composite Pmi in Singapore averaged 52.24 from 2013 until 2019, reaching an all time high of 56.80 in May of 2018 and a record low of 47.40 in October of 2019. source: Markit Economics

Composite Pmi in Singapore is expected to be 52.20 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Composite Pmi in Singapore to stand at 52.30 in 12 months time. In the long-term, the Singapore Private Sector PMI is projected to trend around 53.10 in 2020, according to our econometric models.

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Singapore Private Sector PMI

Actual Previous Highest Lowest Dates Unit Frequency
51.00 50.40 56.80 47.40 2013 - 2019 points Monthly

News Stream
Singapore Private Sector PMI Jumps to Expansion
The IHS Markit Singapore PMI climbed to 50.4 in November 2019 from 47.4 in the previous month, ending three straight months of contraction in private sector activities. New orders rebounded from October's relatively sharp contraction, while new export orders declined by the most in seven years, due to political troubles and economic fragility in key export markets. In addition, output contracted and employment levels were unchanged despite the increase in capacity pressures. On the price front, output charges rose at the fastest pace since last December. Looking ahead, business confidence dropped to a 32-month low, amid uncertainty and concern of weaker domestic and global economic conditions weighed on sentiment.

Singapore Private Sector Deteriorates Further
The IHS Markit Singapore PMI dropped to 47.4 in October 2019 from 48.3 in September. This was the third straight month of contraction in private sector activities and the lowest figure on record. A stronger slowdown in demand conditions led businesses to reduce output at the sharpest rate since data collection began over seven years ago, while employment also dropped as firms were cautious towards the outlook and looked to cut costs. In addition, reduced export sales was evidenced, amid sluggish global growth, particularly in Asia. On the price front, input costs inflation was solid and accelerated to a six-month high, while firms discounted their output charges in an attempt to drive up sales. The rate of deflation was mild, but the strongest for over two years. Lastly, sentiment was subdued amid expectations of prolonged economic weakness.

Singapore PMI Slides to 7-Year Low
The IHS Markit Singapore PMI fell to 48.3 in September 2019 from 48.7 in August, signalling the sharpest rate of contraction in more than seven years, amid global economic uncertainty and sluggish demand. Output and new orders declined at near survey-record rates, while employment was reduced at the sharpest pace in almost four years. Weak demand was attributed to local and export markets during September. Some firms noted that the protests in Hong Kong has disrupted inflows of work from abroad. On the price front, overall input prices increased, albeit modestly. Lastly, business confidence reached a four-month high.

Singapore Output Contracts the Most in 7 Years
The IHS Markit Singapore PMI fell to 48.7 in August 2019 from 51.0 in July, signalling the sharpest rate of contraction in seven years, amid global economic uncertainty and sluggish demand. New orders declined at the fastest rate since April 2016, while export demand eased for the second time in four months amid lower sales to clients in Europe, China and Hong Kong. At the same time, employment growth slowed for a second successive month, while purchasing activity and inventories were reduced. On a positive note, input cost inflation slowed to a slight pace in August amid a fall in labour expenses, while output charges were lifted for a sixth successive month, albeit only modestly. Lastly, business optimism was among the weakest seen over the past two-and-a-half years.

Singapore Private Sector Growth Accelerates
The IHS Markit Singapore PMI rose to 51.0 in July 2019 from a four-month low of 50.6 in the previous month. Both output and new orders advanced at faster rates and export sales grew for the second straight month. Meanwhile, employment growth slowed for a third successive month as panellists suggested that weak demand and subdued business conditions had weighed on recruitment. At the same time, backlogs of works rose at the slowest rate in four months. In terms of inflation, overall input costs rose moderately, prompting firms to increase their charges in an attempt to support profit margins. Looking ahead, sentiment turned less positive, with optimism at its lowest since March 2017, amid prospects of sluggish demand and a fragile domestic economy.

Singapore Private Sector PMI Dips to 50.6
The Nikkei Singapore PMI declined to 50.6 in June 2019 from 52.1 in May. Growth was hampered by softer rises in output, new business and employment. This was despite new export sales returning to expansion following May's notable fall. Also, buying activity was reduced for the sixth straight month. On the price front, prices paid for purchased items increased at a quicker rate, but labour expenses rose less, pulling overall input price inflation lower. Output charges continued to rise, but discounts were offered by some firms to stimulate demand, reducing the overall rise in selling prices. Looking ahead, business confidence slid to its lowest since March 2017.

Singapore Private Sector PMI
The IHS Markit Singapore Purchasing Managers’ Index™ (PMI™) is based on data compiled from monthly replies to questionnaires sent to executives in over 400 private sector companies including manufacturing, services, construction and retail. Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month. An index reading above 50 indicates an overall increase in private sector activity, below 50 an overall decrease.

Singapore Business Last Previous Highest Lowest Unit
Business Confidence -5.00 -11.00 54.00 -57.00 points [+]
Manufacturing PMI 50.10 49.80 53.10 48.30 points [+]
Industrial Production -9.30 3.60 58.60 -32.30 percent [+]
Industrial Production Mom -9.40 3.00 29.70 -21.80 percent [+]
Changes in Inventories 2048.70 2024.50 5885.80 -5379.50 SGD Million [+]
Bankruptcies 144.00 143.00 507.00 78.00 Companies [+]
Car Registrations 8046.00 8023.00 16204.00 2659.00 [+]
Leading Economic Index 108.70 108.10 109.90 23.70 points [+]
Internet Speed 20345.58 20174.80 20345.58 2170.47 KBps [+]
IP Addresses 1595352.00 1509471.00 1685917.00 433610.00 IP [+]
Services Sentiment 1.00 2.00 37.00 -53.00 [+]
Competitiveness Index 84.78 83.48 84.78 5.44 Points [+]
Competitiveness Rank 1.00 2.00 8.00 1.00 [+]
Composite Pmi 51.00 50.40 56.80 47.40 points [+]
Corruption Index 85.00 85.00 94.00 84.00 Points [+]
Corruption Rank 4.00 3.00 9.00 1.00 [+]
Ease of Doing Business 2.00 2.00 3.00 1.00 [+]