SME Index
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Measuring business health and the performance of SMEs in Singapore.

The OCBC SME Index is the only quantitative index in Singapore powered by real transactional data from over 100,000 SMEs and 5 million data points with comprehensive coverage across industry value chains.

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According to the OCBC SME Business Outlook poll participated by over 2,000 SME business owners, SMEs with higher growth expectations were in Business Services, Building & Construction and Education. These industries remained expansionary in the 4Q 2022 OCBC SME Index.

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SME Index & GDP Nowcast Comparison

The OCBC SME Index is centred on a score of 50, which represents zero change in the inputs from a year ago. A reading above 50 indicates an improvement while a sub-50 reading indicates a deterioration relative to the same period a year ago.

The OCBC SME Index remained slightly expansionary at 50.2 for the eighth consecutive quarter in 4Q 22. Growth was mixed across industries, supported by Business Services, Building & Construction, F&B and Manufacturing. Meanwhile, performance in the externally oriented sectors deteriorated, dragged down by weaker global demand.

The 4Q 22 GDP Nowcast is projected to be at 2.0%, lower than the 4.1% growth recorded in 3Q 22. For reference, advance estimates released by the Ministry of Trade and Industry indicated that GDP grew by 2.2% in the fourth quarter.

For reference, the advance estimates released by the Ministry of Trade and Industry indicated that GDP grew by 2.2% in the fourth quarter.

Expert insights

“Growing economic headwinds will likely weigh on local demand and manufacturing momentum in the near-term. The silver lining is China's rapid re-opening, albeit there may some short-term pains amid uncertainty over increased infection rates. Singapore's growth prospects will likely be muted in 1Q23, due to manufacturing and electronics slowdown, but an outright recession for 2023 is unlikely as the services sector should be sustained by resilient private consumption and an uptick in visitor arrivals, especially with China's Covid policy pivot.”

Selena Ling
Head of Treasury Research and Strategy

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industry

Similar to the previous quarter, Building & Construction remained expansionary at 51.8 in 4Q 22, primarily driven by SMEs within the Construction segment. Collections increased by 3.4% on a QoQ basis.

Similar to the previous quarter, Building & Construction remained expansionary at 51.8 in 4Q 22, primarily driven by SMEs within the Construction segment. Collections increased by 3.4% on a QoQ basis.

Similar to the previous quarter, Building & Construction remained expansionary at 51.8 in 4Q 22, primarily driven by SMEs within the Construction segment. Collections increased by 3.4% on a QoQ basis.

Similar to the previous quarter, Building & Construction remained expansionary at 51.8 in 4Q 22, primarily driven by SMEs within the Construction segment. Collections increased by 3.4% on a QoQ basis.

Similar to the previous quarter, Building & Construction remained expansionary at 51.8 in 4Q 22, primarily driven by SMEs within the Construction segment. Collections increased by 3.4% on a QoQ basis.

Business Services experienced broad gains in 4Q 22, though its reading moderated down to 51.9. Robust performance is mainly supported by the Advertising & Exhibition segment.

Business Services experienced broad gains in 4Q 22, though its reading moderated down to 51.9. Robust performance is mainly supported by the Advertising & Exhibition segment.

Business Services experienced broad gains in 4Q 22, though its reading moderated down to 51.9. Robust performance is mainly supported by the Advertising & Exhibition segment.

Business Services experienced broad gains in 4Q 22, though its reading moderated down to 51.9. Robust performance is mainly supported by the Advertising & Exhibition segment.

Education moderated to 50.5 in 4Q 22, down from the 51.2 registered in the previous quarter. Early Childhood Education shrunk marginally at 49.8, while Recreation Classes provided a lift to overall growth in the sector.

Find out more about how the education industry performed in the OCBC SME Index each quarter.

Education moderated to 50.5 in 4Q 22, down from the 51.2 registered in the previous quarter. Early Childhood Education shrunk marginally at 49.8, while Recreation Classes provided a lift to overall growth in the sector.

Find out more about how the education industry performed in the OCBC SME Index each quarter.

Education moderated to 50.5 in 4Q 22, down from the 51.2 registered in the previous quarter. Early Childhood Education shrunk marginally at 49.8, while Recreation Classes provided a lift to overall growth in the sector.

Find out more about how the education industry performed in the OCBC SME Index each quarter.

Education moderated to 50.5 in 4Q 22, down from the 51.2 registered in the previous quarter. Early Childhood Education shrunk marginally at 49.8, while Recreation Classes provided a lift to overall growth in the sector.

Find out more about how the education industry performed in the OCBC SME Index each quarter.

Education moderated to 50.5 in 4Q 22, down from the 51.2 registered in the previous quarter. Early Childhood Education shrunk marginally at 49.8, while Recreation Classes provided a lift to overall growth in the sector.

Education moderated to 50.5 in 4Q 22, down from the 51.2 registered in the previous quarter. Early Childhood Education shrunk marginally at 49.8, while Recreation Classes provided a lift to overall growth in the sector.

F&B expanded steadily at 51.4 in 4Q 22, lifted by strong growth in the F&B Services segment which grew to 54.6. Collections also increased by 5.4% this quarter as compared to the same period last year.

Find out more about how the F&B industry performed in the OCBC SME Index each quarter.

F&B expanded steadily at 51.4 in 4Q 22, lifted by strong growth in the F&B Services segment which grew to 54.6. Collections also increased by 5.4% this quarter as compared to the same period last year.

Find out more about how the F&B industry performed in the OCBC SME Index each quarter.

F&B expanded steadily at 51.4 in 4Q 22, lifted by strong growth in the F&B Services segment which grew to 54.6. Collections also increased by 5.4% this quarter as compared to the same period last year.

Find out more about how the F&B industry performed in the OCBC SME Index each quarter.

F&B expanded steadily at 51.4 in 4Q 22, lifted by strong growth in the F&B Services segment which grew to 54.6. Collections also increased by 5.4% this quarter as compared to the same period last year.

Find out more about how the F&B industry performed in the OCBC SME Index each quarter.

F&B expanded steadily at 51.4 in 4Q 22, lifted by strong growth in the F&B Services segment which grew to 54.6. Collections also increased by 5.4% this quarter as compared to the same period last year.

Healthcare continued flat lining at 50.5 in 4Q 22, as collections slipped by 0.3% on-quarter. As the sales of medical and pharmaceutical supplies slumped, Healthcare Distributors contracted for another quarter.

Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.

Healthcare continued flat lining at 50.5 in 4Q 22, as collections slipped by 0.3% on-quarter. As the sales of medical and pharmaceutical supplies slumped, Healthcare Distributors contracted for another quarter.

Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.

Healthcare continued flat lining at 50.5 in 4Q 22, as collections slipped by 0.3% on-quarter. As the sales of medical and pharmaceutical supplies slumped, Healthcare Distributors contracted for another quarter.

Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.

Healthcare continued flat lining at 50.5 in 4Q 22, as collections slipped by 0.3% on-quarter. As the sales of medical and pharmaceutical supplies slumped, Healthcare Distributors contracted for another quarter.

The Information, Communications and Technology sector contracted further in 4Q 22, with a dip in reading from 49.4 in 3Q 22 to 48.5 this quarter. The slump in demand for computer and telecommunication equipment has weighed down on growth on the sector.

The Information, Communications and Technology sector contracted further in 4Q 22, with a dip in reading from 49.4 in 3Q 22 to 48.5 this quarter. The slump in demand for computer and telecommunication equipment has weighed down on growth on the sector.

The Information, Communications and Technology sector contracted further in 4Q 22, with a dip in reading from 49.4 in 3Q 22 to 48.5 this quarter. The slump in demand for computer and telecommunication equipment has weighed down on growth on the sector.

The Information, Communications and Technology sector contracted further in 4Q 22, with a dip in reading from 49.4 in 3Q 22 to 48.5 this quarter. The slump in demand for computer and telecommunication equipment has weighed down on growth on the sector.

The Information, Communications and Technology sector contracted further in 4Q 22, with a dip in reading from 49.4 in 3Q 22 to 48.5 this quarter. The slump in demand for computer and telecommunication equipment has weighed down on growth on the sector.

The Information, Communications and Technology sector contracted further in 4Q 22, with a dip in reading from 49.4 in 3Q 22 to 48.5 this quarter. The slump in demand for computer and telecommunication equipment has weighed down on growth on the sector.

Manufacturing grew at a healthy pace in the fourth quarter despite a moderation in growth to 51.3. Collections grew by 7.1% on-quarter with a continued expansion of the Consumer Products segment.

Manufacturing grew at a healthy pace in the fourth quarter despite a moderation in growth to 51.3. Collections grew by 7.1% on-quarter with a continued expansion of the Consumer Products segment.

Manufacturing grew at a healthy pace in the fourth quarter despite a moderation in growth to 51.3. Collections grew by 7.1% on-quarter with a continued expansion of the Consumer Products segment.

Manufacturing grew at a healthy pace in the fourth quarter despite a moderation in growth to 51.3. Collections grew by 7.1% on-quarter with a continued expansion of the Consumer Products segment.

Manufacturing grew at a healthy pace in the fourth quarter despite a moderation in growth to 51.3. Collections grew by 7.1% on-quarter with a continued expansion of the Consumer Products segment.

Transport & Logistics contracted with a reading of 46.9 in 4Q 22. On a QoQ basis, collections and payments declined by 12.5% and 11.7% respectively. The decline in Singapore's export growth and higher energy prices have adversely affected SMEs within the sector.

Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.

Transport & Logistics contracted with a reading of 46.9 in 4Q 22. On a QoQ basis, collections and payments declined by 12.5% and 11.7% respectively. The decline in Singapore's export growth and higher energy prices have adversely affected SMEs within the sector.

Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.

Transport & Logistics contracted with a reading of 46.9 in 4Q 22. On a QoQ basis, collections and payments declined by 12.5% and 11.7% respectively. The decline in Singapore's export growth and higher energy prices have adversely affected SMEs within the sector.

Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.

Transport & Logistics contracted with a reading of 46.9 in 4Q 22. On a QoQ basis, collections and payments declined by 12.5% and 11.7% respectively. The decline in Singapore's export growth and higher energy prices have adversely affected SMEs within the sector.

Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.

Transport & Logistics contracted with a reading of 46.9 in 4Q 22. On a QoQ basis, collections and payments declined by 12.5% and 11.7% respectively. The decline in Singapore's export growth and higher energy prices have adversely affected SMEs within the sector.

Wholesale Trade

Wholesale Trade shrunk in 4Q 22 with a reading of 48.3, with collections falling by 12.7% on-year.

Retail

Reading of the Retail sector slipped to 49.6, dragged down by weaker growth figures recorded in the month of December.

Resources

Resources deteriorated to 48.8 in 4Q 22, as collections dropped by 24.3% compared to the same quarter last year.

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