The S&P Global Singapore PMI surged to 59.2 in February 2026 from 56.8 in January, marking the thirteenth straight month of expansion and the second-fastest pace on record, behind only May 2022. New orders grew at the quickest rate in 18 months, driven by stronger domestic and external demand, while output expanded at a historically rapid pace, led by the transport and information & communication sectors.
Backlogs increased at a survey-record rate, prompting the fastest rise in staffing in two years, largely through temporary hires. Purchasing activity and inventories also climbed, as firms built safety stocks in anticipation of higher future output. Business sentiment strengthened to a five-year high, supported by expansion plans and public-sector initiatives.
At the same time, supply pressures intensified. Input costs rose at the steepest rate in two years, and output prices increased at the fastest pace in more than three and a half years, both remaining well above their long-term averages.
