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Singapore SMEs Stay in Expansion in Q3 as Index Rises to 51.9
The OCBC SME Index rose to 51.9 in the third quarter from 51.3 in Q2, with manufacturing expanding for a sixth straight quarter.
Why it matters
The latest OCBC SME Index shows Singapore's small and medium-sized enterprises stayed in expansion in Q3 2026, with the index rising to 51.9 from 51.3 in the second quarter — a sign that momentum in outward-oriented industries is holding up and overall SME sentiment remains positive.
Full report
SME payments grew 19.3% year on year and collections rose 18.6%. Manufacturing posted its sixth straight quarter of expansion at 52.4, led by precision engineering (52.9) and electronics and semiconductors (52.5). Information and communications technology climbed to 52.5, while transport and logistics reached 51.8.
Domestically oriented sectors were more mixed: retail at 52.7, building and construction at 51.1, food and beverage at 50.6, healthcare at 50.3, and business services at 50.6 — returning to growth from 49.7 in Q2. Education slipped further into contraction at 49.0.
OCBC said the rise in transaction values partly reflects higher prices as cost pressures remain elevated across energy, logistics, electricity and manpower. Looking ahead, the bank flagged rising manpower costs, competition for skilled workers, wage pressures and geopolitical risks, warning that SME performance may diverge further.
Source: Singapore Business Review (OCBC SME Index)
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