Investing.com -- Singapore’s private sector economy gained momentum in April, driven by a record influx of new business, according to the S&P Global Singapore Purchasing Manager’s Index released Wednesday.
The headline PMI rose to 57.9 in April from 56.7 in March, marking the second-strongest improvement in private sector health since July 2022. The growth was primarily centered on new business, which increased at the most pronounced rate since data collection began in 2012.
The acceleration was attributed to a pick-up in domestic demand, though export sales showed a softer uptick. Output growth also accelerated in April, remaining rapid and elevated by historical standards.
Input price inflation stayed close to March’s record high due to higher fuel-related costs. Companies transferred most of the cost burden to customers, with output price inflation registering one of the strongest rates on record, slightly softer than in March.
Despite the strong demand environment, Singaporean companies reduced headcounts for the first time in 2026. The reduction represented a correction following strong recruitment campaigns in the previous two months and often reflected a reduced reliance on temporary workers.
The steep increase in new work and employment cuts led to greater pressure on capacity, with backlogs of work rising at a far stronger rate in April.
Purchasing quantities increased to the greatest degree recorded since 2012, aligned with the demand surge. Supply chain performance showed signs of improvement, with average delivery times shortening.
Business confidence for the coming year reached its most upbeat level on record in April, supported by strong new business pipelines and planned marketing activities.
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