SINGAPORE, March 5 (Xinhua) -- Singapore's private sector expanded at a faster pace in February, with the seasonally adjusted Purchasing Managers' Index (PMI) rising to 59.2 from 56.8 in January, according to a report released Wednesday by S&P Global.
A PMI reading above 50 indicates expansion, while a figure below 50 signals contraction. February's reading marked the 13th consecutive month of growth and the second-fastest pace on record, surpassed only by May 2022, the report said.
The data suggest business activity in Singapore accelerated further midway through the first quarter, said Jingyi Pan, economics associate director at S&P Global Market Intelligence.
Growth in new orders and output was particularly robust, with companies reporting improved demand conditions both domestically and overseas, Pan said.
"Higher output in February was also accompanied by stronger business confidence and expansions in both hiring and purchasing activity, thereby signaling the likelihood for future output to remain in growth in the near term," Pan added.
However, the surge in new orders also led to higher supply pressures, while inflationary pressures intensified. "The resultant impact of rising prices on demand will need to be further monitored in the months to come," Pan said.
In a separate report released Monday, the Singapore Institute of Purchasing and Materials Management said the country's manufacturing PMI edged up 0.1 point from January to 50.6 in February. The institute also warned that escalating military tensions between the United States and Iran could pose risks. ■
