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.
The OCBC SME Index is a high-frequency index measuring the business health and performance of SMEs in Singapore. Serving more than one in two SMEs in Singapore allows us to derive the OCBC SME Index from real transactional data based on a composite of six indicators. These include collections, payments, cash flow, credit and debit transactions, and balances of OCBC SME customers.
Across multiple industry value chains, each business is just 1 in over 100,000 SMEs that powers the OCBC SME Index. Know where you stand in your industry then stand taller.
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 expanded for a fifth consecutive quarter at 50.5 in 1Q 22 as restrictions eased further, though with emerging concerns from the Russia-Ukraine conflict and rising prices.
The GDP Nowcast is aligned with the consensus of 3.7% in the Monetary Authority of Singapore’s Survey of Professional Forecasters in March.
“While 1Q 22 growth momentum moderated due to the Omicron surge and spillover effects arising from the Ukraine conflict and China’s Covid-related lockdowns, the growth prognosis is likely to improve in the coming quarters given the lifting of border controls and relaxation of Covid restrictions which should benefit the services sector. Singapore’s output gap should turn slightly positive as aggregate GDP has fully recovered to pre-Covid levels, but inflation remains the main bugbear for businesses and households.”
Selena Ling
Head of Treasury Research and Strategy
Discover the 2022 Q1 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.
Building & Construction slowed to 49.9 in 1Q 22 from 51.7 in 4Q 21. The industry continues to be bogged down by lingering manpower shortages, higher commodity/energy prices and supply chain disruptions. Property cooling measures announced last quarter also weighed on the industry.
Building & Construction slowed to 49.9 in 1Q 22 from 51.7 in 4Q 21. The industry continues to be bogged down by lingering manpower shortages, higher commodity/energy prices and supply chain disruptions. Property cooling measures announced last quarter also weighed on the industry.
Building & Construction slowed to 49.9 in 1Q 22 from 51.7 in 4Q 21. The industry continues to be bogged down by lingering manpower shortages, higher commodity/energy prices and supply chain disruptions. Property cooling measures announced last quarter also weighed on the industry.
Building & Construction slowed to 49.9 in 1Q 22 from 51.7 in 4Q 21. The industry continues to be bogged down by lingering manpower shortages, higher commodity/energy prices and supply chain disruptions. Property cooling measures announced last quarter also weighed on the industry.
Building & Construction slowed to 49.9 in 1Q 22 from 51.7 in 4Q 21. The industry continues to be bogged down by lingering manpower shortages, higher commodity/energy prices and supply chain disruptions. Property cooling measures announced last quarter also weighed on the industry.
Business Services continued its expansion at 51.0 in 1Q 22, supported by a 42% increase in collections YoY. Singapore’s opening of its borders to all vaccinated travelers is expected to provide a significant boost to certain segments, such as SMEs in meetings, incentives, conferences & exhibitions (MICE).
Business Services continued its expansion at 51.0 in 1Q 22, supported by a 42% increase in collections YoY. Singapore’s opening of its borders to all vaccinated travelers is expected to provide a significant boost to certain segments, such as SMEs in meetings, incentives, conferences & exhibitions (MICE).
Business Services continued its expansion at 51.0 in 1Q 22, supported by a 42% increase in collections YoY. Singapore’s opening of its borders to all vaccinated travelers is expected to provide a significant boost to certain segments, such as SMEs in meetings, incentives, conferences & exhibitions (MICE).
Business Services continued its expansion at 51.0 in 1Q 22, supported by a 42% increase in collections YoY. Singapore’s opening of its borders to all vaccinated travelers is expected to provide a significant boost to certain segments, such as SMEs in meetings, incentives, conferences & exhibitions (MICE).
Business Services continued its expansion at 51.0 in 1Q 22, supported by a 42% increase in collections YoY. Singapore’s opening of its borders to all vaccinated travelers is expected to provide a significant boost to certain segments, such as SMEs in meetings, incentives, conferences & exhibitions (MICE).
Education fell into contractionary territory in 1Q 22 with a reading of 49.0.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education fell into contractionary territory in 1Q 22 with a reading of 49.0.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education fell into contractionary territory in 1Q 22 with a reading of 49.0.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education fell into contractionary territory in 1Q 22 with a reading of 49.0.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education fell into contractionary territory in 1Q 22 with a reading of 49.0.
Education fell into contractionary territory in 1Q 22 with a reading of 49.0.
F&B contracted for a 3rd consecutive quarter to 47.7 in 1Q 22. Most segments remained contractionary, with margins compressing from rising energy and food prices, but did not see activity worsening compared to the previous quarter. The industry is expected to see a boost in activity from both locals and tourists, as domestic and border restrictions eased significantly in end-March.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B contracted for a 3rd consecutive quarter to 47.7 in 1Q 22. Most segments remained contractionary, with margins compressing from rising energy and food prices, but did not see activity worsening compared to the previous quarter. The industry is expected to see a boost in activity from both locals and tourists, as domestic and border restrictions eased significantly in end-March.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B contracted for a 3rd consecutive quarter to 47.7 in 1Q 22. Most segments remained contractionary, with margins compressing from rising energy and food prices, but did not see activity worsening compared to the previous quarter. The industry is expected to see a boost in activity from both locals and tourists, as domestic and border restrictions eased significantly in end-March.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B contracted for a 3rd consecutive quarter to 47.7 in 1Q 22. Most segments remained contractionary, with margins compressing from rising energy and food prices, but did not see activity worsening compared to the previous quarter. The industry is expected to see a boost in activity from both locals and tourists, as domestic and border restrictions eased significantly in end-March.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B contracted for a 3rd consecutive quarter to 47.7 in 1Q 22. Most segments remained contractionary, with margins compressing from rising energy and food prices, but did not see activity worsening compared to the previous quarter. The industry is expected to see a boost in activity from both locals and tourists, as domestic and border restrictions eased significantly in end-March.
Healthcare remained flat in 1Q 22 compared to the previous quarter, with a reading of 50.1. While demand for healthcare supplies such as masks and test kits is expected to ease further as restrictions are lifted, the industry will likely be supported by increased healthcare spending driven by secular trends such as Singapore’s ageing population and the growth in HealthTech.
Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.
Healthcare remained flat in 1Q 22 compared to the previous quarter, with a reading of 50.1. While demand for healthcare supplies such as masks and test kits is expected to ease further as restrictions are lifted, the industry will likely be supported by increased healthcare spending driven by secular trends such as Singapore’s ageing population and the growth in HealthTech.
Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.
Healthcare remained flat in 1Q 22 compared to the previous quarter, with a reading of 50.1. While demand for healthcare supplies such as masks and test kits is expected to ease further as restrictions are lifted, the industry will likely be supported by increased healthcare spending driven by secular trends such as Singapore’s ageing population and the growth in HealthTech.
Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.
Healthcare remained flat in 1Q 22 compared to the previous quarter, with a reading of 50.1. While demand for healthcare supplies such as masks and test kits is expected to ease further as restrictions are lifted, the industry will likely be supported by increased healthcare spending driven by secular trends such as Singapore’s ageing population and the growth in HealthTech.
Information, Communications and Technology remained buoyant at 51.2 in 1Q 22, supported by a strong 57% YoY increase in collections. The industry continues to be lifted by the acceleration of digitalisation across businesses.
Information, Communications and Technology remained buoyant at 51.2 in 1Q 22, supported by a strong 57% YoY increase in collections. The industry continues to be lifted by the acceleration of digitalisation across businesses.
Information, Communications and Technology remained buoyant at 51.2 in 1Q 22, supported by a strong 57% YoY increase in collections. The industry continues to be lifted by the acceleration of digitalisation across businesses.
Information, Communications and Technology remained buoyant at 51.2 in 1Q 22, supported by a strong 57% YoY increase in collections. The industry continues to be lifted by the acceleration of digitalisation across businesses.
Information, Communications and Technology remained buoyant at 51.2 in 1Q 22, supported by a strong 57% YoY increase in collections. The industry continues to be lifted by the acceleration of digitalisation across businesses.
Information, Communications and Technology remained buoyant at 51.2 in 1Q 22, supported by a strong 57% YoY increase in collections. The industry continues to be lifted by the acceleration of digitalisation across businesses.
Manufacturing saw a slowdown in growth to 51.0 in 1Q 22 but still expanded, supported by a 7% increase in YoY collections. The industry continues to wrestle with supply-side drags such as rising energy/input costs and supply disruptions, amid increased uncertainty due to the Russia-Ukraine conflict.
Manufacturing saw a slowdown in growth to 51.0 in 1Q 22 but still expanded, supported by a 7% increase in YoY collections. The industry continues to wrestle with supply-side drags such as rising energy/input costs and supply disruptions, amid increased uncertainty due to the Russia-Ukraine conflict.
Manufacturing saw a slowdown in growth to 51.0 in 1Q 22 but still expanded, supported by a 7% increase in YoY collections. The industry continues to wrestle with supply-side drags such as rising energy/input costs and supply disruptions, amid increased uncertainty due to the Russia-Ukraine conflict.
Manufacturing saw a slowdown in growth to 51.0 in 1Q 22 but still expanded, supported by a 7% increase in YoY collections. The industry continues to wrestle with supply-side drags such as rising energy/input costs and supply disruptions, amid increased uncertainty due to the Russia-Ukraine conflict.
Manufacturing saw a slowdown in growth to 51.0 in 1Q 22 but still expanded, supported by a 7% increase in YoY collections. The industry continues to wrestle with supply-side drags such as rising energy/input costs and supply disruptions, amid increased uncertainty due to the Russia-Ukraine conflict.
Transport & Logistics continued its expansion at 51.4 for a 6th consecutive quarter in 1Q 22 as collections rose 33% YoY. The industry continues to be driven by robust growth in Logistics which registered a strong reading of 54.1, lifted by growth in trade and e-commerce as collections rose significantly by 67% YoY.
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics continued its expansion at 51.4 for a 6th consecutive quarter in 1Q 22 as collections rose 33% YoY. The industry continues to be driven by robust growth in Logistics which registered a strong reading of 54.1, lifted by growth in trade and e-commerce as collections rose significantly by 67% YoY.
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics continued its expansion at 51.4 for a 6th consecutive quarter in 1Q 22 as collections rose 33% YoY. The industry continues to be driven by robust growth in Logistics which registered a strong reading of 54.1, lifted by growth in trade and e-commerce as collections rose significantly by 67% YoY.
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics continued its expansion at 51.4 for a 6th consecutive quarter in 1Q 22 as collections rose 33% YoY. The industry continues to be driven by robust growth in Logistics which registered a strong reading of 54.1, lifted by growth in trade and e-commerce as collections rose significantly by 67% YoY.
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics continued its expansion at 51.4 for a 6th consecutive quarter in 1Q 22 as collections rose 33% YoY. The industry continues to be driven by robust growth in Logistics which registered a strong reading of 54.1, lifted by growth in trade and e-commerce as collections rose significantly by 67% YoY.
Wholesale Trade continued its expansion at 51.4 in 1Q 22 as collections rose 9% YoY.
Retail contracted for the first time since 4Q 20 to 49.8 in 1Q 22.
Resources slowed to 50.1 in 1Q 22 from 52.8 in 4Q 22.
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1Q 21
The F&B industry turned expansionary at 51.1 in 1Q 21, having dipped to a low of 42.0 in 2Q 20 during the Circuit Breaker.
2Q 21
The F&B industry remains one of the most vulnerable industries despite seeing expansion since the last quarter. The Index rose to 54.7 in 2Q 21 due to 2Q 20's lower base.
3Q 21
The F&B Industry turned contractionary at 48.9 mainly due to the impact of Heightened Alert restrictions. Increased online sales and deliveries offered some support for the industry with a significant growth in collections from digital platforms since 2019.
4Q 21
F&B contracted for a 2nd consecutive quarter in 4Q 21 at 47.9 due mainly to the impact of heightened restrictions.
1Q 22
F&B contracted for a 3rd consecutive quarter at 47.7 as restrictions persisted and firms faced higher costs.
1Q 21
F&B Services, which includes restaurants, cafes, fast food, pubs and cooked food stalls, rose to 50.8 in 1Q 21, breaking 50 for the first time since the pandemic started.
2Q 21
F&B Services registered an expansion of 59.3, showing that the impact of the dine-in restrictions during Phase 2 Heightened Alert was significantly less severe compared to the Circuit Breaker period of the previous year.
3Q 21
F&B Services saw the sharpest drop in its Index to 48.9, as collections dropped YoY in line with lower customer traffic, resulting in deteriorating cash coverage positions.
4Q 21
F&B Services contracted for a 2nd consecutive quarter at 48.0 as collections dropped YoY from tighter restrictions during the Stabilisation Phase.
1Q 22
F&B Services saw collections drop YoY due to a lower 5-pax restriction compared to 8-pax last year, while cash coverage remained worse compared to a year ago.
1Q 21
F&B Wholesale Trade remained buoyant at 52.2, especially in the import & export of food.
2Q 21
F&B Wholesale Trade remained resilient as it expanded at 53.5, being able to tap on export demand.
3Q 21
F&B Wholesale Trade registered a slowdown in 3Q 21 but remained expansionary at 50.1.
4Q 21
F&B Wholesale Trade contracted for the first time since 4Q 20 at 48.6.
1Q 22
F&B Wholesale Trade remained in contractionary territory at 48.7, weighed down by rising costs.
1Q 21
F&B Retail remained resilient at 49.8 especially in supermarkets and sundry stores.
2Q 21
F&B Retail remained resilient as it expanded at 51.0.
3Q 21
F&B Retail registered a slowdown in 3Q 21, contracting slightly at 48.5.
4Q 21
F&B Retail recorded its second consecutive quarter of contraction at 47.8.
1Q 22
F&B Retail remained in contractionary territory for a 3rd consecutive quarter at 48.0, weighed down by rising costs.
1Q 21
Green shoots in the industry remained intact. The Healthcare industry registered a reading of 51.3 in 1Q 21 having turned expansionary since 3Q 20, 2 quarters earlier than most industries.
2Q 21
The Healthcare industry remained expansionary at 55.0 in 2Q 21, it's 4th consecutive quarter of expansion.
3Q 21
Healthcare remained one of the most resilient industries and registered its 5th consecutive quarter of expansion at 51.2 in 3Q 21.
4Q 21
Healthcare slowed in 4Q 21 compared to the previous quarter, with a flat reading of 50.0. The industry is likely to remain resilient, supported by increased healthcare spending driven by secular trends such as Singapore's ageing population and the growth in HealthTech.
1Q 22
Healthcare remained flat compared to the previous quarter, with a reading of 50.1.
1Q 21
Healthcare Distributors remained expansionary throughout the pandemic thus far. Healthcare Distributors has stayed expansionary on the back of strong demand for healthcare supplies. The segment remained robust at 52.2 in 1Q 21.
2Q 21
Healthcare Distributors continued seeing strong demand for healthcare supplies, its index saw an uptick to 52.8 in 3Q 21.
3Q 21
Healthcare Distributors remained expansionary but slowed compared to the previous quarter at 50.3 as demand for healthcare supplies saw signs of softening.
4Q 21
Healthcare Distributors turned contractionary for the first time since 1Q 19 at 48.9 as demand for healthcare supplies slowed.
1Q 22
Healthcare Distributors saw an accelerated pace of decline to 47.9 as demand for healthcare supplies continued to drop.
1Q 21
Healthcare Providers such as clinics were heavily impacted during Circuit Breaker. From a low of 43.8 in 2Q 20, Healthcare Providers turned positive in 4Q 20 and remained expansionary in 1Q 21 at 51.4.
2Q 21
Healthcare Providers saw a strong reading of 58.0, partially driven by 2Q 20's lower base but also a recovery in demand for healthcare services.
3Q 21
Healthcare Providers remained expansionary at 52.1 with collections rising 13% QoQ.
4Q 21
Healthcare Providers saw sustained expansionary activity, registering a 5th consecutive quarter of expansion at 51.7 with collections rising 18% YoY.
1Q 22
Healthcare Providers saw sustained expansionary activity from the Omicron surge, registering an expansionary reading of 51.1 with collections rising 18% YoY.
1Q 21
Green shoots have emerged in the Transport & Logistics industry since 4Q 20 as the industry turned expansionary. The industry remained expansionary in 1Q 21 at 51.9.
2Q 21
The Transport & Logistics industry continued its strong growth as the Index increased to 58.8, partly driven by 2Q 20's lower base.
3Q 21
The Transport & Logistics industry saw its 4th consecutive quarter of expansion at 54.6 in 3Q 21, led by a 57% YoY increase in collections.
4Q 21
Transport & Logistics had its 5th consecutive quarter of expansion at 54.3 in 4Q 21, led by a 53% YoY increase in collections.
1Q 22
Transport & Logistics continued its expansion at 51.4 for a 6th consecutive quarter as collections rose 33% YoY.
1Q 21
Sea Transport expanded for a 2nd consecutive quarter at 51.8, supported by strong cross-border trade.
2Q 21
The Sea Transport segment extended its expansion, registering a reading of 57.0.
3Q 21
Sea Transport moderated slightly at 54.8 due to 2Q 20's lower base but remained expansionary.
4Q 21
Sea Transport continued its strong performance at 54.5, lifted by growth in trade and e-commerce.
1Q 22
Sea Transport slowed significantly to 51.0 but remained expansionary as supply chains remained under stress from labour shortages and the Russian-Ukraine conflict.
1Q 21
Land Transport continued its expansion at 51.4, having dropped to a trough of 42.2 in 2Q 20.
2Q 21
Land Transport expanded strongly at 57.9 due to 2Q 20's lower, Circuit Breaker-affected base.
3Q 21
Land Transport remained expansionary in 3Q 21 at 51.1 despite the impact on demand from the shift to increased work from home during the quarter.
4Q 21
Land Transport remained flat at 50.0 with tighter restrictions for most of 4Q 21.
1Q 22
Land Transport slipped into contractionary territory at 49.2 but is expected to improve as restrictions eased in end-March.
1Q 21
Logistics remained the most resilient segment in the industry, expanding at at 52.1 in 1Q 21.
2Q 21
The Logistics segment continued its strong expansionary performance, recording a reading of 55.2.
3Q 21
Growth in the Logistics remained robust as the segment expanded at 55.0.
4Q 21
Logistics saw accelerating expansion at 56.8, lifted by growth in trade and e-commerce as collections rose significantly by 97% YoY.
1Q 22
Logistics registered a strong reading of 54.1 as collections rose by 67% significantly YoY.
1Q 21
Education turned expansionary at 51.2 in 1Q 21, recovering from a trough of 42.0 in 2Q 20.
2Q 21
Education extended its expansion from the previous quarter at 58.1 in 2Q 21.
3Q 21
Education remained expansionary for a 3rd consecutive quarter at 51.5 in 3Q 21, driven by a 21% increase in collections.
4Q 21
Education moderated in 4Q 21 compared to the previous quarter, with a flat reading of 50.0.
1Q 22
Education fell into contractionary territory with a reading of 49.0.
1Q 21
Early Childhood Education remained slightly below the 50 reading at 49.9, being more vulnerable to restrictions with virtual learning being less feasible compared to other segments.
2Q 21
Early Childhood Education turned expansionary at 55.5 due to 2Q 20's lower base; the segment faced tightened safe management measures due to increased Covid-19 cases linked to care centres.
3Q 21
Early Childhood Education remained expansionary at 50.4. The segment is seeing cautious recovery from tightened measures, in place in Q2 and Q3, caused by increased cases linked to care centers in May and June.
4Q 21
Early Childhood Education remained expansionary at 51.4 with collections growing 26% YoY.
1Q 21
Training Centres (which includes Training Courses and Academic Tuition) turned expansionary at 50.7 for the first time since the pandemic started.
2Q 21
Training Centres extended its expansion since the previous quarter at 55.9, bouyed by increased uptake of training.
3Q 21
Training Centres continued its growth in 3Q 21 at 52.2 as the pandemic saw a push for up-skilling/re-skilling by the government and increased uptake by workers. For example, Singaporeans utilising SkillsFuture increased by 21% YoY to 188,000 in 2020. The scheme was extended to 80,00 micro-learning courses in September 21.
4Q 21
Training Centres remained expansionary at 50.9 with collections growing 21% YoY.
1Q 22
Training Centres (which includes Training Courses and Academic Tuition) continues to see a slowdown in growth since 3Q 21 as demand slowed.
1Q 21
Recreation Classes was non-contractionary at 50.0 for the first time since the pandemic started, expanding from the trough of 41.0 in 2Q 20.
2Q 21
Recreation Classes expanded for the first time since the pandemic started at 55.0. The higher reading was mainly due to 2Q 20's lower base. The segment faced tightened safe management measures.
3Q 21
Recreation Classes remained flat at 50.1, as restrictions tightened under Heightened Alert measures.
4Q 21
Recreation Classes saw a steep decline and contracted at 48.0, partly affected by the restriction of group sizes during the Stabilisation Phase.
1Q 22
Recreation Classes remained contractionary at 48.5 but has seen a slight uptick as restrictions eased in late November. Things should improve further with the lifting of class size limits.
