SME Index
Real data. Real insights.

Measuring business health and 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.

Real data. Real insights.

Gain insights into how SMEs are navigating disruptions and opportunities in digitalisation, transforming industries and shifting towards sustainability.

100,000

SMEs

5M

Data Points

Who powers the OCBC SME Index?

Across multiple industry value chains, each business is just 1 in over 100,000 SMEs that powers the OCBC SME Index.

Against the backdrop of the US tariff negotiations, 57% of the 1,600 SME business owners polled in 2Q 2025 expect the outlook for the rest of the year to worsen or remain unchanged.

Beyond the overriding concerns on global trade and risks of a weakening of the global economy, SME business owners also expect to face greater fluctuations in exchange rates and interest rates (31%), and further disruptions to supply chains (28%).

Know where you stand in your industry then stand taller.

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 improved in 2Q 2025, signaling a shift to expansion range at 50.5, up from 49.9 in the previous quarter.

The GDP growth Nowcast based on the OCBC SME Index for 2Q 2025 is around 4.5%, up from the 4.1% registered in the previous quarter.

Expert insights

“2Q25 GDP growth was better than expected, hence our 2025 GDP growth forecast has been upgraded to 2.1% YoY due to the stellar 1H25 performance. However, the external headwinds, namely the tariff uncertainties remain, hence the 2H 25 outlook may still be somewhat challenging for SMEs.”

Selena Ling
Head of Treasury Research and Strategy

EXPLORE THE DATA

Discover the 2025 Q2 edition of the SME Index. It will help you identify where you stand within your industry value chain and understand the performance of your industry. Be nimble in spotting industry changes and trends.

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industry

Building & Construction grew to 50.3 this quarter, an improvement from the 49.5 registered in 1Q 2025. Expansion was broad-based across all key segments within the Construction industry.

Building & Construction grew to 50.3 this quarter, an improvement from the 49.5 registered in 1Q 2025. Expansion was broad-based across all key segments within the Construction industry.

Building & Construction grew to 50.3 this quarter, an improvement from the 49.5 registered in 1Q 2025. Expansion was broad-based across all key segments within the Construction industry.

Building & Construction grew to 50.3 this quarter, an improvement from the 49.5 registered in 1Q 2025. Expansion was broad-based across all key segments within the Construction industry.

Building & Construction grew to 50.3 this quarter, an improvement from the 49.5 registered in 1Q 2025. Expansion was broad-based across all key segments within the Construction industry.

Business Services rose to 50.5 in 2Q 2025, and this was led by a 4.7% on-year increase in collections and 0.3% on-year increase in payments.

Business Services rose to 50.5 in 2Q 2025, and this was led by a 4.7% on-year increase in collections and 0.3% on-year increase in payments.

Business Services rose to 50.5 in 2Q 2025, and this was led by a 4.7% on-year increase in collections and 0.3% on-year increase in payments.

Business Services rose to 50.5 in 2Q 2025, and this was led by a 4.7% on-year increase in collections and 0.3% on-year increase in payments.

Education extended another quarter of contraction with overall performance primarily weighed down by weaknesses in Formal Education & Commercial Schools (48.0).

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

Education extended another quarter of contraction with overall performance primarily weighed down by weaknesses in Formal Education & Commercial Schools (48.0).

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

Education extended another quarter of contraction with overall performance primarily weighed down by weaknesses in Formal Education & Commercial Schools (48.0).

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

Education extended another quarter of contraction with overall performance primarily weighed down by weaknesses in Formal Education & Commercial Schools (48.0).

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

Education extended another quarter of contraction with overall performance primarily weighed down by weaknesses in Formal Education & Commercial Schools (48.0).

Education extended another quarter of contraction with overall performance primarily weighed down by weaknesses in Formal Education & Commercial Schools (48.0).

Food & Beverage expanded at 50.6 this quarter, a sizeable increase from the 49.6 registered in 1Q 2025. This was accompanied by a 4.2% on-year increase in collections, and 5.0% on-year increase in payments.

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

Food & Beverage expanded at 50.6 this quarter, a sizeable increase from the 49.6 registered in 1Q 2025. This was accompanied by a 4.2% on-year increase in collections, and 5.0% on-year increase in payments.

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

Food & Beverage expanded at 50.6 this quarter, a sizeable increase from the 49.6 registered in 1Q 2025. This was accompanied by a 4.2% on-year increase in collections, and 5.0% on-year increase in payments.

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

Food & Beverage expanded at 50.6 this quarter, a sizeable increase from the 49.6 registered in 1Q 2025. This was accompanied by a 4.2% on-year increase in collections, and 5.0% on-year increase in payments.

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

Food & Beverage expanded at 50.6 this quarter, a sizeable increase from the 49.6 registered in 1Q 2025. This was accompanied by a 4.2% on-year increase in collections, and 5.0% on-year increase in payments.

Healthcare rose to 50.3 this quarter and moved into expansion territory after two quarters of contraction. Collections grew by 7.9% on-year while payments dropped by 2.4% on-year.

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

Healthcare rose to 50.3 this quarter and moved into expansion territory after two quarters of contraction. Collections grew by 7.9% on-year while payments dropped by 2.4% on-year.

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

Healthcare rose to 50.3 this quarter and moved into expansion territory after two quarters of contraction. Collections grew by 7.9% on-year while payments dropped by 2.4% on-year.

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

Healthcare rose to 50.3 this quarter and moved into expansion territory after two quarters of contraction. Collections grew by 7.9% on-year while payments dropped by 2.4% on-year.

ICT remains in contractionary territory at 49.2, marking the industry's eleventh consecutive quarter in contraction. The overall reading was weighed down by a slower pace of growth in the Data Processing & Software Development (49.3) and the IT Consultancy (49.4) segment.

ICT remains in contractionary territory at 49.3, marking the industry's twelfth consecutive quarter in contraction. The overall reading was weighed down by the Data Processing & Software Development (48.6) and the IT Consultancy (49.6) segment.

ICT remains in contractionary territory at 49.3, marking the industry's twelfth consecutive quarter in contraction. The overall reading was weighed down by the Data Processing & Software Development (48.6) and the IT Consultancy (49.6) segment.

ICT remains in contractionary territory at 49.3, marking the industry's twelfth consecutive quarter in contraction. The overall reading was weighed down by the Data Processing & Software Development (48.6) and the IT Consultancy (49.6) segment.

ICT remains in contractionary territory at 49.3, marking the industry's twelfth consecutive quarter in contraction. The overall reading was weighed down by the Data Processing & Software Development (48.6) and the IT Consultancy (49.6) segment.

ICT remains in contractionary territory at 49.3, marking the industry's twelfth consecutive quarter in contraction. The overall reading was weighed down by the Data Processing & Software Development (48.6) and the IT Consultancy (49.6) segment.

Manufacturing grew to 50.6 this quarter, with growth primarily attributed to the strong performance in the Consumer Products (51.3) segment. Collections and payments for the industry increased 1.0% on-year and 0.4% on-year respectively.

Manufacturing grew to 50.6 this quarter, with growth primarily attributed to the strong performance in the Consumer Products (51.3) segment. Collections and payments for the industry increased 1.0% on-year and 0.4% on-year respectively.

Manufacturing grew to 50.6 this quarter, with growth primarily attributed to the strong performance in the Consumer Products (51.3) segment. Collections and payments for the industry increased 1.0% on-year and 0.4% on-year respectively.

Manufacturing grew to 50.6 this quarter, with growth primarily attributed to the strong performance in the Consumer Products (51.3) segment. Collections and payments for the industry increased 1.0% on-year and 0.4% on-year respectively.

Manufacturing grew to 50.6 this quarter, with growth primarily attributed to the strong performance in the Consumer Products (51.3) segment. Collections and payments for the industry increased 1.0% on-year and 0.4% on-year respectively.

Transport & Logistics remained in contraction but improved marginally to 49.8 in 2Q 2025, up from 49.5 registered last quarter. This was accompanied by a 1.5% on-year drop in collections and 0.4% on-year drop in payments.

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

Transport & Logistics remained in contraction but improved marginally to 49.8 in 2Q 2025, up from 49.5 registered last quarter. This was accompanied by a 1.5% on-year drop in collections and 0.4% on-year drop in payments.

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

Transport & Logistics remained in contraction but improved marginally to 49.8 in 2Q 2025, up from 49.5 registered last quarter. This was accompanied by a 1.5% on-year drop in collections and 0.4% on-year drop in payments.

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

Transport & Logistics remained in contraction but improved marginally to 49.8 in 2Q 2025, up from 49.5 registered last quarter. This was accompanied by a 1.5% on-year drop in collections and 0.4% on-year drop in payments.

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

Transport & Logistics remained in contraction but improved marginally to 49.8 in 2Q 2025, up from 49.5 registered last quarter. This was accompanied by a 1.5% on-year drop in collections and 0.4% on-year drop in payments.

Wholesale Trade

Wholesale Trade remains on a growth trajectory and edged further up to 51.3 this quarter. Collections increased by 3.1% on-year, and Payments increased by 2.2% on-year.

Retail

Retail registered a reading of 50.6 this quarter, an improvement from last quarter's reading of 49.0.

Resources

Resources improved and moved into expansion at 50.1 this quarter, reversing last quarter's contraction.

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