SINGAPORE, Aug. 6 (Xinhua) -- Singapore's private sector growth accelerated in July, with business activity expanding at its fastest pace in five months on stronger demand and output, S&P Global Market Intelligence said Wednesday.
The headline S&P Global Singapore Purchasing Managers' Index (PMI), a composite measure of private sector performance, rose to 59.2 in July from 57.4 in June, signaling a sharp improvement in business conditions, S&P said in a statement.
It noted the latest expansion was driven by faster output growth and a renewed lengthening in supplier delivery times.
"The health of the Singaporean private sector improved once again, amid further strong demand and faster growth in output," said Eleanor Dennison, economist at S&P Global Market Intelligence. She added that businesses remained in expansion mode, supported by positive labor market conditions and a steep increase in procurement activity.
Despite the strong performance, Dennison said inflationary pressures remained elevated due to higher energy costs, stronger demand for inputs and constrained supply. Businesses also reported delays in imported goods, with port congestion and shipping disruptions continuing to weigh on supply chains. ■