The index is based on the transactional data of small- and medium-sized enterprises (SMEs) and is the first data-driven index that focuses on SMEs in Singapore.
The OCBC SME Index (SMEI) turned contractionary for the first time in 1Q2023 ended March 2023, after eight consecutive quarters of expansion, but is expected to ease slightly in 2Q2023.
The index was down slightly at 49.9 from 50.2 in 4Q2022, and 1Q2023 SME collections and payments dropped by 5.0% and 3.4% respectively in a year-on-year (y-o-y) basis against a weakening economic backdrop.
