OCBC SME Index slips to 49.9 in Q1 after three quarters of growth

The outlook for the next quarters is expected to weaken further.

The OCBC SME Index slipped to 49.9 in Q1 2025 from 50.7 in Q4 2024, entering contractionary territory after three consecutive quarters of expansion.

This signals a downward shift driven by a weakening outlook, now exacerbated by US trade tariffs and growing uncertainties in global trade.

Overall collections grew by 1.7% year-on-year, whilst payments remained unchanged.

OCBC said the business outlook for SMEs is expected to weaken further in the quarters ahead, following the developments on US tariff measures.

In addition, the subdued outlook on the US dollar will likely impact local SMEs in the outward-oriented sectors such as ICT, transport and logistics, and wholesale trade.

These industries have on average over 40% of collections accounted for by overseas customers, of which 7% are directly received from payers based in the US. The majority of these overseas collections are also denominated in US dollar.

Follow the link for more news on

OCBC Bank

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia