The OCBC SME Index posted its first expansion at 50.2 points after shrinking for the five previous quarters.
SINGAPORE – A rebound in the fortunes of small and medium-sized enterprises helped the economy to grow by the fastest pace in 1½ years, noted a quarterly survey.
Notably, the OCBC SME Index posted its first – albeit marginal – expansion, at 50.2 points, after shrinking for the five previous quarters, according to the report out on July 11. Seven of the 11 industries making up the index were in the black, with notable turnarounds by resources, transport and logistics, and wholesale trade, as well as healthcare – which was wavering between growth and contraction during that period.
These industries, such as education, food and beverage and retail, had been keeping the economy somewhat on an even keel, “despite intense competition for manpower and rising cost pressures”, the report said. The index is likely to remain relatively flat and range-bound for the rest of 2024. While underpinned by positive drivers, such as the global recovery in electronics that bodes well for manufacturing and wholesale trade, there are also downside risks, said Mr Goh.
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