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][1] activity. Foreign demand supported the increase in new orders, with renewed export growth in May following a marginal fall in April.
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