OCBC SME Index | OCBC Business Banking SG

SME Index
Real data. Real insights.

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.

Real Data. Real Insights.

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

100,000

SMEs

5M

Data Points

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.

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. 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 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 estimates GDP using the latest OCBC SME Index. The 1Q 22 GDP Nowcast came in at 3.3%, aligned with government estimates. The reading is also a slowdown from the 6.1% GDP growth of 4Q 21.

The GDP Nowcast is aligned with the consensus of 3.7% in the Monetary Authority of Singapore’s Survey of Professional Forecasters in March.

Expert insights

“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

EXPLORE THE DATA

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.

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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.

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).

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

Wholesale Trade continued its expansion at 51.4 in 1Q 22 as collections rose 9% YoY.

Retail

Retail contracted for the first time since 4Q 20 to 49.8 in 1Q 22.

Resources

Resources slowed to 50.1 in 1Q 22 from 52.8 in 4Q 22.

Industry Expertise

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Healthcare

Supporting you in starting or growing your medical practice.

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Education

Empowering you to write your own success story in the Education sector with a nurturing approach.

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