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 remained expansionary for the seventh consecutive quarter since 1Q 21. Growth was broad-based, supported by a healthy pick-up in consumer demand and international air travel. Against the backdrop of persistent inflationary pressures and rising interest rates, business sentiment continue to be weighed down by concerns over higher costs going forward.

The positive reading in 3Q 22 was observed across all industries, with the exception of Information, Communications and Technology (ICT). SMEs in Business Services and Manufacturing continue to deliver a strong performance on the back of sustained demand with the re-opening of international borders. F&B rebounded strongly and other consumer-facing services sectors such as Healthcare, Education and Retail also expanded with the boost in domestic spending.

The 3Q 22 GDP Nowcast came in at 4.6%, sustaining the growth momentum recorded in 2Q 22 at 4.5%.

For reference, advance estimates released by the Ministry of Trade and Industry indicated that GDP grew by 4.4% in the third quarter.

Expert insights

“The Singapore economy faces external economic headwinds in the form of imported inflation, geopolitical uncertainties, rising global interest rates and downside growth risks for our major trading partners. While 2022 GDP growth is on track to exceed 3%, the 2023 outlook could be more challenging.”

Selena Ling
Head of Treasury Research and Strategy

EXPLORE THE DATA

Discover the 2022 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 51.8 in 3Q 22 from 51.2, with readings across all segments rising above 51. Collections also increased by 3.3% on a QoQ basis.

Building & Construction grew to 51.8 in 3Q 22 from 51.2, with readings across all segments rising above 51. Collections also increased by 3.3% on a QoQ basis.

Building & Construction grew to 51.8 in 3Q 22 from 51.2, with readings across all segments rising above 51. Collections also increased by 3.3% on a QoQ basis.

Building & Construction grew to 51.8 in 3Q 22 from 51.2, with readings across all segments rising above 51. Collections also increased by 3.3% on a QoQ basis.

Building & Construction grew to 51.8 in 3Q 22 from 51.2, with readings across all segments rising above 51. Collections also increased by 3.3% on a QoQ basis.

Business Services edged higher in the third quarter, picking up its pace of expansion from 52.8 in 2Q 22 to 53.6 in 3Q 22.

Business Services edged higher in the third quarter, picking up its pace of expansion from 52.8 in 2Q 22 to 53.6 in 3Q 22.

Business Services edged higher in the third quarter, picking up its pace of expansion from 52.8 in 2Q 22 to 53.6 in 3Q 22.

Business Services edged higher in the third quarter, picking up its pace of expansion from 52.8 in 2Q 22 to 53.6 in 3Q 22.

Education remained buoyant at 51.2 in 3Q 22, with the Early Childhood Education segment experiencing the largest expansion supported by sustained demand.

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

Education remained buoyant at 51.2 in 3Q 22, with the Early Childhood Education segment experiencing the largest expansion supported by sustained demand.

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

Education remained buoyant at 51.2 in 3Q 22, with the Early Childhood Education segment experiencing the largest expansion supported by sustained demand.

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

Education remained buoyant at 51.2 in 3Q 22, with the Early Childhood Education segment experiencing the largest expansion supported by sustained demand.

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

Education remained buoyant at 51.2 in 3Q 22, with the Early Childhood Education segment experiencing the largest expansion supported by sustained demand.

Education remained buoyant at 51.2 in 3Q 22, with the Early Childhood Education segment experiencing the largest expansion supported by sustained demand.

F&B saw an improvement in reading from 51.5 in 2Q 22 to 52.5 in 3Q 22, with collections increasing by 3.8% on a QoQ basis. Growth in the sector was primarily driven by the robust performance in F&B Services, which outweighed the contraction in the F&B Wholesale and F&B Retail segment.

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

F&B saw an improvement in reading from 51.5 in 2Q 22 to 52.5 in 3Q 22, with collections increasing by 3.8% on a QoQ basis. Growth in the sector was primarily driven by the robust performance in F&B Services, which outweighed the contraction in the F&B Wholesale and F&B Retail segment.

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

F&B saw an improvement in reading from 51.5 in 2Q 22 to 52.5 in 3Q 22, with collections increasing by 3.8% on a QoQ basis. Growth in the sector was primarily driven by the robust performance in F&B Services, which outweighed the contraction in the F&B Wholesale and F&B Retail segment.

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

F&B saw an improvement in reading from 51.5 in 2Q 22 to 52.5 in 3Q 22, with collections increasing by 3.8% on a QoQ basis. Growth in the sector was primarily driven by the robust performance in F&B Services, which outweighed the contraction in the F&B Wholesale and F&B Retail segment.

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

F&B saw an improvement in reading from 51.5 in 2Q 22 to 52.5 in 3Q 22, with collections increasing by 3.8% on a QoQ basis. Growth in the sector was primarily driven by the robust performance in F&B Services, which outweighed the contraction in the F&B Wholesale and F&B Retail segment.

Healthcare saw a slight uptick in reading at 50.7 in 3Q 22. While Healthcare providers were resilient and expansionary, Healthcare distributors lagged the overall sector.

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

Healthcare saw a slight uptick in reading at 50.7 in 3Q 22. While Healthcare providers were resilient and expansionary, Healthcare distributors lagged the overall sector.

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

Healthcare saw a slight uptick in reading at 50.7 in 3Q 22. While Healthcare providers were resilient and expansionary, Healthcare distributors lagged the overall sector.

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

Healthcare saw a slight uptick in reading at 50.7 in 3Q 22. While Healthcare providers were resilient and expansionary, Healthcare distributors lagged the overall sector.

Information, Communications and Technology went into contractionary territory for the first time since 1Q21. Persistent global chip shortages and supply chain uncertainties weighed on growth for the ICT Manufacturing & Sales segment.

Information, Communications and Technology went into contractionary territory for the first time since 1Q21. Persistent global chip shortages and supply chain uncertainties weighed on growth for the ICT Manufacturing & Sales segment.

Information, Communications and Technology went into contractionary territory for the first time since 1Q21. Persistent global chip shortages and supply chain uncertainties weighed on growth for the ICT Manufacturing & Sales segment.

Information, Communications and Technology went into contractionary territory for the first time since 1Q21. Persistent global chip shortages and supply chain uncertainties weighed on growth for the ICT Manufacturing & Sales segment.

Information, Communications and Technology went into contractionary territory for the first time since 1Q21. Persistent global chip shortages and supply chain uncertainties weighed on growth for the ICT Manufacturing & Sales segment.

Information, Communications and Technology went into contractionary territory for the first time since 1Q21. Persistent global chip shortages and supply chain uncertainties weighed on growth for the ICT Manufacturing & Sales segment.

Manufacturing expanded in the third quarter, with growth moderating slightly from 52.5 in 2Q 22 to 52.3 in 3Q 22. This is supported by robust growth in the Precision Engineering and Consumer Products segments.

Manufacturing expanded in the third quarter, with growth moderating slightly from 52.5 in 2Q 22 to 52.3 in 3Q 22. This is supported by robust growth in the Precision Engineering and Consumer Products segments.

Manufacturing expanded in the third quarter, with growth moderating slightly from 52.5 in 2Q 22 to 52.3 in 3Q 22. This is supported by robust growth in the Precision Engineering and Consumer Products segments.

Manufacturing expanded in the third quarter, with growth moderating slightly from 52.5 in 2Q 22 to 52.3 in 3Q 22. This is supported by robust growth in the Precision Engineering and Consumer Products segments.

Manufacturing expanded in the third quarter, with growth moderating slightly from 52.5 in 2Q 22 to 52.3 in 3Q 22. This is supported by robust growth in the Precision Engineering and Consumer Products segments.

Growth in Transport & Logistics has slowed down after 6 quarters of robust performance, registering a reading of 50.1 in 3Q 22. Elevated oil prices could have dampened demand for the sector.

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

Growth in Transport & Logistics has slowed down after 6 quarters of robust performance, registering a reading of 50.1 in 3Q 22. Elevated oil prices could have dampened demand for the sector.

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

Growth in Transport & Logistics has slowed down after 6 quarters of robust performance, registering a reading of 50.1 in 3Q 22. Elevated oil prices could have dampened demand for the sector.

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

Growth in Transport & Logistics has slowed down after 6 quarters of robust performance, registering a reading of 50.1 in 3Q 22. Elevated oil prices could have dampened demand for the sector.

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

Growth in Transport & Logistics has slowed down after 6 quarters of robust performance, registering a reading of 50.1 in 3Q 22. Elevated oil prices could have dampened demand for the sector.

Wholesale Trade

Wholesale Trade remains expansionary at 51.0, following consecutive quarters of growth.

Retail

Retail registered a reading of 50.9 in 3Q 22, similar to the 51.0 recorded in 2Q 22.

Resources

Resources continued its expansion in 3Q 22 at 51.1 as collections grew 20.3% QoQ and 21.7% YoY, likely to be driven by high commodity prices.

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