Singapore private sector activity barely grew in June, survey data from IHS Markit showed on Monday.
The IHS Markit Purchasing Managers’ Index fell to 50.1 in June from 54.4 in May. Any reading above 50.0 indicates expansion in the sector.
Output and new orders increased at a softer pace in June. Stocks of purchases declined at a faster rate.
The number of workforce fell at a faster pace in June and backlogs of work increased for the seventh month in a row.
Suppliers’ delivery time lengthened to the greatest since December last year.
Input prices rose to a thirteen-month high in June and output costs increased at a record rate.
Overall optimism improved in June, hoping of further economic recovery due to vaccine progress.
“IHS Markit forecasts Singapore’s GDP to grow at 7.4 percent in 2021,” Jingyi Pan, economics associate director at IHS Markit, said.