The private sector in Singapore continued to expand in May, and at a faster pace, the latest survey from Markit Economics showed on Thursday with a services PMI score of 54.4.
That’s up from 51.8 in April and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Both manufacturing and services registered stronger performances in May, but the construction sector saw a sharp downturn. The finance and insurance sub-sector registered another rapid rate of expansion in activity.
The key domestic event that took place in May had been the reintroduction of Phase 2 restrictions mid-month. Some respondents noted an increase in output ahead of the setting of new restrictions contributing to the overall improvement of business activity. Foreign demand supported the increase in new orders, with renewed export growth in May following a marginal fall in April.