FX.co ★ Singapore Private Sector Growth Stays Strong in November

The S&P Global Singapore PMI experienced a slight decline to 55.4 in November 2025 from 57.4 in October. However, it still signified the tenth consecutive month of private sector growth. Despite the slower headline figure, the overall business environment continued to improve, with output ramping up at its most rapid rate since October 2022. This growth was driven by robust new work inflows, project launches, and successful marketing efforts. Purchasing activities saw an increase, although inventories dropped due to shipment delays. Employment experienced growth for the third month in a row, and backlogs accumulated at the fastest pace in over three years. Regarding pricing, input costs soared at their sharpest rate since January, fueled by increased purchase prices, wages, and shipping expenses. To bolster demand, firms decided to reduce selling prices. Business sentiment remained positive, albeit at its lowest point in three months, with expectations of internal growth and improved market conditions supporting future expansion.