In brief
Singapore’s private‑sector Purchasing Managers’ Index dropped to 56.7 in October, the lowest in five months, but stayed well above the 50 benchmark that signals expansion for the 21st straight month. Strong demand and forward‑looking indicators, according to S&P Global’s economics associate Jingyi Pan, suggest business activity could grow again soon.
Singapore’s private‑sector growth slowed to a five‑month low in October, as the S&P Global Singapore PMI fell to 56.7 from 58.1 in September, data released by S&P Global on Wednesday, Nov. 4, 2026, a report said.
The composite S&P Global Singapore PMI – a key indicator of private‑sector performance – remains above the 50 no‑change threshold, a mark it has held for a 21st consecutive month, according to the same report, signalling that the economy is still expanding at a robust pace.
PMI trend and outlook
Jingyi Pan, economics associate director at S&P Global Market Intelligence, said:
"The latest S&P Global Singapore PMI data revealed that business conditions continued to improve at a robust pace at the start of the fourth quarter,"
She said strong demand underpinned growth in employment and purchasing activity during the month. She added that overall input costs and output prices continued to rise, although inflation rates eased from September’s levels.
"Despite the operational-constraints-driven slowdown in business activity growth, forward‑looking indicators, including the new orders, backlogs of work and future output indices, all hinted at continued business activity growth in the near term,"
She said, underlining that although growth slowed, several forward‑looking indicators still point to continued business expansion.
Singapore’s business community reported the index slipped to its lowest reading in five months, but the sustained rise above the 50 threshold shows that the economy is still in an expansion phase.
According to Pan, the slowdown is driven mainly by operational constraints, yet the robust demand keeps employment and purchasing activity rising.
Inflationary pressures remain visible, with input costs and output prices climbing despite a moderation of inflation rates, highlighting ongoing cost pressures for businesses.
Looking forward, forward‑looking indicators such as new orders and work-backlogs suggest that the private sector may resume a stronger expansionary trajectory after the October slowdown, giving analysts reason to remain cautiously optimistic.