“The data goes back to 2012 so the first instance of y-o-y data is 1Q2013, and the data is back tested all the way to 2013. The correlation with GDP is 0.82 for the eight year period,” says Linus Goh, Head, Global Commercial Banking, OCBC Bank.
The newly-launched OCBC SME Index (SMEI) is the first data-driven SME-focused index in Singapore based on the transactional data of 100,000 of OCBC’s SME customers with annual sales turnover of up to $30 million. The index is derived from a composite of indicators including collections, payments, cash flow and operating transactions of the SMEs with OCBC.
SMEs are an important component of the Singapore economy, accounting for 43% of nominal value-add, 70% of employment and 99% of all enterprises in 2020 according to the Department of Statistics.
