2026.04.0601:01:42UTC+00Singapore 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 indicated a fourteenth consecutive month of private sector expansion and remained comfortably above its long-run average. Growth in both output and new orders slowed, and purchasing activity fell to a three-month low.

At the same time, pre-production inventories rose sharply, with the pace of stock accumulation accelerating to its fastest rate since the survey began more than 13 years ago. Hiring stayed robust, though it moderated somewhat as the build-up in backlogs became less pronounced.

On the price front, input cost inflation climbed to a new survey high, prompting firms to raise output charges at a strong pace—slightly exceeding February’s record—as businesses sought to defend profit margins by passing on higher costs to customers.

Business sentiment was broadly unchanged and remained well above its historical average, underpinned by healthy order pipelines and expectations of stronger demand in the months ahead.