FX.co ★ Singapore Private Sector Growth Slows in August

In August 2025, the S&P Global Singapore PMI decreased to 51.2 from a three-month high of 52.7 seen in July, yet continuing a trend of seven consecutive months of private sector growth. However, the expansion rates for both new orders and output slowed. Growth in new orders weakened partly due to reduced demand following the imposition of US tariffs. Consequently, new business and activity expanded at their slowest rates in seven and six months, respectively. This slowdown led to a renewed decline in private sector employment. Additionally, purchasing activity fell for the third consecutive month, also due to the slower growth in new orders. With regards to pricing, input cost inflation decreased as purchase price inflation eased. Although input costs increased, private sector firms were compelled to reduce their charges at the quickest rate since January 2021, spurred by fierce competition. Finally, business sentiment waned amid persistent trade-related uncertainties.