Singapore’s S&P Global PMI eased to 58.1 in September 2026 from a record 59.4 in August, but continued to indicate a strong improvement in private‑sector business conditions. Growth was underpinned by a marked increase in new orders, supported by robust demand, an expanding customer base, and successful business development efforts, all of which helped to accelerate overall activity. Real estate and business services posted the sharpest gains in both new orders and output.
Rising workloads led firms to step up hiring and purchasing and to build inventories. However, supplier performance worsened significantly, with lead times lengthening at their fastest pace since early 2022. Cost pressures also intensified: input price inflation rose to a survey peak, prompting companies to lift output prices at one of the quickest rates on record. Despite these headwinds, business confidence stayed positive, underpinned by expectations of better market conditions, new product launches, and supportive government initiatives.
