Business

Nikkei PMI: Private sector economy gathering momentum

Singapore's private sector economy gathered further momentum at the start of the second quarter, according to a survey.

The headline Nikkei Singapore Purchasing Managers' Index (PMI) rose to 52.6 last month from 52.2 in March, the highest reading since November last year.

Both output and new orders rose at quicker rates last month and remained key growth drivers. Notably, growth in export sales strengthened while business confidence improved further.

A separate survey on Tuesday covering just the manufacturing sector showed factory activity expanded for the eighth straight month last month, though the run of strong growth showed signs of easing. The broader Nikkei PMI survey covers others sectors of the Singapore economy such as construction and retail. - THE STRAITS TIMES

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