FX.co ★ Singapore Private Sector Growth at 4-Month High

In March 2025, the S&P Global Singapore PMI rose to 52.7 from February's 51.0, indicating a continued expansion in the private sector for the second month in a row. This increase is the highest since last November, driven by the most significant growth in new business seen in four months. This surge in new work led to a moderate uptick in purchasing activities, although inventory levels remained under strain due to persistent delays. Conversely, employment experienced a decline for the fourth consecutive month, while the backlog of work accumulated at a more rapid rate. Input cost inflation accelerated, influenced by rising wages, raw material expenses, transportation costs, and property fees. Consequently, companies faced heightened output cost inflation as they transferred some of these increased costs to their clients. Nevertheless, business sentiment showed improvement for the second consecutive month.