Singapore Private Sector Growth Eases from Near 4-Year Peak

2026-06-04 00:52 By Farida Husna 1 min. read

Singapore’s S&P Global PMI eased to 56.7 in May 2026 from April’s near four-year high of 57.9.

Still, the latest result marked the 16th straight month of expansion in private sector activity, with output growth accelerating to a three-month high.

Meanwhile, new orders rose at the second-strongest pace on record despite cooling from April, underscoring resilient demand.

Employment fell for a second month on cuts to temporary staff and voluntary exits, even as firms lifted purchasing at a record pace, with some stockpiling ahead of demand.

On prices, input cost inflation hit a survey high, driven by supplier price hikes, rising fuel and transport costs, and a record surge in wages.

Purchase cost inflation stayed elevated, its third-highest on record, but firms were less aggressive in passing costs on, with output charge inflation easing to a four-month low though still steep.

Finally, business sentiment remained positive but softened from April’s elevated level.



News Stream
Singapore Private Sector Growth Eases from Near 4-Year Peak
Singapore’s S&P Global PMI eased to 56.7 in May 2026 from April’s near four-year high of 57.9. Still, the latest result marked the 16th straight month of expansion in private sector activity, with output growth accelerating to a three-month high. Meanwhile, new orders rose at the second-strongest pace on record despite cooling from April, underscoring resilient demand. Employment fell for a second month on cuts to temporary staff and voluntary exits, even as firms lifted purchasing at a record pace, with some stockpiling ahead of demand. On prices, input cost inflation hit a survey high, driven by supplier price hikes, rising fuel and transport costs, and a record surge in wages. Purchase cost inflation stayed elevated, its third-highest on record, but firms were less aggressive in passing costs on, with output charge inflation easing to a four-month low though still steep. Finally, business sentiment remained positive but softened from April’s elevated level.
2026-06-04
Singapore Private Sector Growth Accelerates
The S&P Global Singapore PMI increased to 57.9 in April 2026 from March’s 56.7, signaling a 15th straight month of private sector expansion and marking the second-strongest growth since July 2022. Both output and new orders rose at faster rates, while purchasing activity increased at its fastest pace since the data series began in 2012, and delivery times shortened. However, employment declined for the first time in 2026 so far amid elevated wage inflation and robust recruitment in recent months, while backlogs of work rose at a faster pace. On prices, input cost inflation is close to March’s record, driven by higher fuel-related costs. As a result, output cost inflation was among the strongest on record, albeit slightly softer than in March, as firms sought to pass on the cost burden to customers. Looking forward, business sentiment was the most upbeat on record, supported by strong new business pipelines and planned marketing activities.
2026-05-06
Singapore Private Sector Growth Slows
The S&P Global Singapore PMI eased to 56.7 in March 2026 from February’s near-record 59.2, but still signaled a 14th straight month of private sector expansion and remained well above its long-run average. Both output and new orders rose at softer rates, while buying activity slowed to a three-month low. Meanwhile, preproduction inventories rose rapidly, with the rate of accumulation accelerated to a pace not seen since data collection began more than 13 years ago. Hiring remained strong but moderated as backlogs accumulated less sharply. On prices, input cost inflation surged to a survey high, prompting firms to raise output charges at a substantial pace—slightly above February’s record—as businesses sought to protect margins by passing costs to customers. Finally, business sentiment held broadly steady and well above average, supported by strong pipelines and expectations of firmer demand ahead.
2026-04-06