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SME Index
Real data. Real insights.
Measuring business health and performance of SMEs in Singapore.
The OCBC SME Index is the only quantitative index in Singapore powered by real transactional data from over 100,000 SMEs and 5 million data points with comprehensive coverage across industry value chains.
Real data. Real insights.
Gain insights into how SMEs are navigating disruptions and opportunities in digitalisation, transforming industries and shifting towards sustainability.
100,000
SMEs
5M
Data Points
WHO POWERS THE OCBC SME INDEX?
Across multiple industry value chains, each business is just 1 in over 100,000 SMEs that powers the OCBC SME Index.
Of the 670 responses collected from the SME Business Outlook poll, sentiments among SMEs have improved.
Based on the OCBC SME Business Outlook poll conducted in September, 35% of the respondents reported better business conditions as compared to 3 months ago. This represents a 2-percentage point increase from the poll conducted earlier in June, in line with the improvement seen in the SME Index reading from the previous quarter.
Looking ahead, sentiments on the outlook have also improved with 42% of SME business owners expecting conditions to improve in the near-term, a 2-percentage point increase from the previous quarter. At the same time, 18% of respondents expect conditions to worsen, and the remaining 39% expect conditions to remain the same. The more positive business outlook comes as concerns over the Middle East conflict have eased somewhat, with the impact thus far appearing less severe than initially feared.
Near-term optimism was stronger among outward-oriented SMEs, with 45% expecting a better outlook, compared with 39% of domestically oriented SMEs. Resilient external demand, supported in part by the technology and electronics upcycle, continues to provide opportunities for SMEs exposed to regional trade and supply chain activity, although geopolitical uncertainties remain.
Know where you stand in your industry then stand taller.
SME Index & GDP Nowcast Comparison
The OCBC SME Index is centred on a score of 50, which represents zero change in the inputs from a year ago. A reading above 50 indicates an improvement while a sub-50 reading indicates a deterioration relative to the same period a year ago.
The OCBC SME Index remained in expansion at 51.9 in 3Q 2026, with growth underpinned by continued momentum in outward-oriented sectors.
The GDP Nowcast estimates GDP using the latest OCBC SME Index.
The 3Q 2026 GDP nowcast based on the OCBC SME Index is around 5.3%, broadly in line with the GDP advance estimates released by the Ministry of Trade and Industry at 5.4%.
Expert insights
“The global AI capex boom remains a key growth engine for the Singapore economy. While base effects suggest some moderation in growth momentum from 4Q26 onwards, there may still be upside risk to our full-year 2026 GDP growth of 5.2% YoY.”
Selena Ling
Head of Treasury Research and Strategy
EXPLORE THE DATA
Discover the latest edition of the SME Index. It will help you identify where you stand within your industry value chain and understand the performance of your industry. Be nimble in spotting industry changes and trends.
Building & Construction
Building & Construction rose to 51.1 in 3Q 2026, with overall growth supported by businesses in the Building Materials (51.5) and Construction (51.0) segments.
Building & Construction rose to 51.1 in 3Q 2026, with overall growth supported by businesses in the Building Materials (51.5) and Construction (51.0) segments.
Building & Construction rose to 51.1 in 3Q 2026, with overall growth supported by businesses in the Building Materials (51.5) and Construction (51.0) segments.
Building & Construction rose to 51.1 in 3Q 2026, with overall growth supported by businesses in the Building Materials (51.5) and Construction (51.0) segments.
Building & Construction rose to 51.1 in 3Q 2026, with overall growth supported by businesses in the Building Materials (51.5) and Construction (51.0) segments.
Business Services
Business Services rose to 50.6 in 3Q 2026 from 49.7 in the previous quarter. The improvement was broad-based across the Business Consultancy (50.8), Accounting & Legal (50.8) and Advertising & Exhibition (50.2) segments, while overall collections and payments grew by 20.0% and 17.2% year-on-year respectively.
Business Services rose to 50.6 in 3Q 2026 from 49.7 in the previous quarter. The improvement was broad-based across the Business Consultancy (50.8), Accounting & Legal (50.8) and Advertising & Exhibition (50.2) segments, while overall collections and payments grew by 20.0% and 17.2% year-on-year respectively.
Business Services rose to 50.6 in 3Q 2026 from 49.7 in the previous quarter. The improvement was broad-based across the Business Consultancy (50.8), Accounting & Legal (50.8) and Advertising & Exhibition (50.2) segments, while overall collections and payments grew by 20.0% and 17.2% year-on-year respectively.
Business Services rose to 50.6 in 3Q 2026 from 49.7 in the previous quarter. The improvement was broad-based across the Business Consultancy (50.8), Accounting & Legal (50.8) and Advertising & Exhibition (50.2) segments, while overall collections and payments grew by 20.0% and 17.2% year-on-year respectively.
Business Services rose to 50.6 in 3Q 2026 from 49.7 in the previous quarter. The improvement was broad-based across the Business Consultancy (50.8), Accounting & Legal (50.8) and Advertising & Exhibition (50.2) segments, while overall collections and payments grew by 20.0% and 17.2% year-on-year respectively.
Education
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter. Weaknesses within the Training Centers (48.5) and Formal Education & Commercial Schools (49.3) segments hampered overall growth of the sector.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter. Weaknesses within the Training Centers (48.5) and Formal Education & Commercial Schools (49.3) segments hampered overall growth of the sector.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter. Weaknesses within the Training Centers (48.5) and Formal Education & Commercial Schools (49.3) segments hampered overall growth of the sector.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter. Weaknesses within the Training Centers (48.5) and Formal Education & Commercial Schools (49.3) segments hampered overall growth of the sector.
Find out more about how the education industry performed in the OCBC SME Index each quarter.
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter. Weaknesses within the Training Centers (48.5) and Formal Education & Commercial Schools (49.3) segments hampered overall growth of the sector.
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter. Weaknesses within the Training Centers (48.5) and Formal Education & Commercial Schools (49.3) segments hampered overall growth of the sector.
F&B moderated to 50.3 in 2Q 2026, down from the 51.1 recorded last quarter. Growth was primarily driven by the F&B Wholesale Trade segment (50.7). Overall collections and payments grew year-on-year by 8.9% and 7.7%, respectively. SMEs in the industry experienced stronger business activity in June, supported by increased demand across the retail, services and wholesale trade segments compared to earlier months in the quarter.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B grew to 50.6 in 3Q 2026, up from the 50.3 registered in the previous quarter. Expansions in F&B Services (50.9) and F&B Wholesale Trade (50.9) outweighed the contraction in F&B Retail (49.5). Overall collections and payments grew year-on-year by 7.1% and 8.9%, respectively.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B grew to 50.6 in 3Q 2026, up from the 50.3 registered in the previous quarter. Expansions in F&B Services (50.9) and F&B Wholesale Trade (50.9) outweighed the contraction in F&B Retail (49.5). Overall collections and payments grew year-on-year by 7.1% and 8.9%, respectively.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B grew to 50.6 in 3Q 2026, up from the 50.3 registered in the previous quarter. Expansions in F&B Services (50.9) and F&B Wholesale Trade (50.9) outweighed the contraction in F&B Retail (49.5). Overall collections and payments grew year-on-year by 7.1% and 8.9%, respectively.
Find out more about how the F&B industry performed in the OCBC SME Index each quarter.
F&B grew to 50.6 in 3Q 2026, up from the 50.3 registered in the previous quarter. Expansions in F&B Services (50.9) and F&B Wholesale Trade (50.9) outweighed the contraction in F&B Retail (49.5). Overall collections and payments grew year-on-year by 7.1% and 8.9%, respectively.
Healthcare improved to 50.3 in 3Q 2026. Growth in overall collections and payments was relatively muted compared with other sectors, increasing by 0.7% and 1.5% year-on-year respectively. Like the previous quarter, healthy performance in the Healthcare Distributor segment (51.9) was partially offset by contraction in the Healthcare Provider segment (49.8).
Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.
Healthcare improved to 50.3 in 3Q 2026. Growth in overall collections and payments was relatively muted compared with other sectors, increasing by 0.7% and 1.5% year-on-year respectively. Like the previous quarter, healthy performance in the Healthcare Distributor segment (51.9) was partially offset by contraction in the Healthcare Provider segment (49.8).
Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.
Healthcare improved to 50.3 in 3Q 2026. Growth in overall collections and payments was relatively muted compared with other sectors, increasing by 0.7% and 1.5% year-on-year respectively. Like the previous quarter, healthy performance in the Healthcare Distributor segment (51.9) was partially offset by contraction in the Healthcare Provider segment (49.8).
Find out more about how the healthcare industry performed in the OCBC SME Index each quarter.
Healthcare improved to 50.3 in 3Q 2026. Growth in overall collections and payments was relatively muted compared with other sectors, increasing by 0.7% and 1.5% year-on-year respectively. Like the previous quarter, healthy performance in the Healthcare Distributor segment (51.9) was partially offset by contraction in the Healthcare Provider segment (49.8).
ICT
ICT grew to 52.5 in 3Q 2026, reversing the slight moderation in reading seen in the previous quarter. This was accompanied by a 16.1% increase in collections and 13.4% increase in payments. While growth was observed across all segments, ICT Manufacturing and Sales segment (53.0) led the expansion and recorded the strongest business activity.
ICT grew to 52.5 in 3Q 2026, reversing the slight moderation in reading seen in the previous quarter. This was accompanied by a 16.1% increase in collections and 13.4% increase in payments. While growth was observed across all segments, ICT Manufacturing and Sales segment (53.0) led the expansion and recorded the strongest business activity.
ICT grew to 52.5 in 3Q 2026, reversing the slight moderation in reading seen in the previous quarter. This was accompanied by a 16.1% increase in collections and 13.4% increase in payments. While growth was observed across all segments, ICT Manufacturing and Sales segment (53.0) led the expansion and recorded the strongest business activity.
ICT grew to 52.5 in 3Q 2026, reversing the slight moderation in reading seen in the previous quarter. This was accompanied by a 16.1% increase in collections and 13.4% increase in payments. While growth was observed across all segments, ICT Manufacturing and Sales segment (53.0) led the expansion and recorded the strongest business activity.
ICT grew to 52.5 in 3Q 2026, reversing the slight moderation in reading seen in the previous quarter. This was accompanied by a 16.1% increase in collections and 13.4% increase in payments. While growth was observed across all segments, ICT Manufacturing and Sales segment (53.0) led the expansion and recorded the strongest business activity.
ICT grew to 52.5 in 3Q 2026, reversing the slight moderation in reading seen in the previous quarter. This was accompanied by a 16.1% increase in collections and 13.4% increase in payments. While growth was observed across all segments, ICT Manufacturing and Sales segment (53.0) led the expansion and recorded the strongest business activity.
Manufacturing
Manufacturing extended its upward trajectory in 3Q 2026 and registered its sixth consecutive quarter of expansion with a reading of 52.4. This was accompanied by a 15.8% increase in collections and 15.9% increase in payments on a year-on-year basis. Upward momentum is driven by strong performance within the Precision Engineering (52.9) and Electronics & Semiconductor (52.5) segment.
Manufacturing extended its upward trajectory in 3Q 2026 and registered its sixth consecutive quarter of expansion with a reading of 52.4. This was accompanied by a 15.8% increase in collections and 15.9% increase in payments on a year-on-year basis. Upward momentum is driven by strong performance within the Precision Engineering (52.9) and Electronics & Semiconductor (52.5) segment.
Manufacturing extended its upward trajectory in 3Q 2026 and registered its sixth consecutive quarter of expansion with a reading of 52.4. This was accompanied by a 15.8% increase in collections and 15.9% increase in payments on a year-on-year basis. Upward momentum is driven by strong performance within the Precision Engineering (52.9) and Electronics & Semiconductor (52.5) segment.
Manufacturing extended its upward trajectory in 3Q 2026 and registered its sixth consecutive quarter of expansion with a reading of 52.4. This was accompanied by a 15.8% increase in collections and 15.9% increase in payments on a year-on-year basis. Upward momentum is driven by strong performance within the Precision Engineering (52.9) and Electronics & Semiconductor (52.5) segment.
Manufacturing extended its upward trajectory in 3Q 2026 and registered its sixth consecutive quarter of expansion with a reading of 52.4. This was accompanied by a 15.8% increase in collections and 15.9% increase in payments on a year-on-year basis. Upward momentum is driven by strong performance within the Precision Engineering (52.9) and Electronics & Semiconductor (52.5) segment.
Transport & Logistics
Transport & Logistics maintained a healthy pace of growth with a rise in reading to 51.8 in 3Q 2026. Overall collections and payments grew by 18.8% and 20.4% respectively on a year-on-year basis. Growth in the sector was supported by expansions in Logistics (52.0) and Sea Transport (51.7).
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics maintained a healthy pace of growth with a rise in reading to 51.8 in 3Q 2026. Overall collections and payments grew by 18.8% and 20.4% respectively on a year-on-year basis. Growth in the sector was supported by expansions in Logistics (52.0) and Sea Transport (51.7).
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics maintained a healthy pace of growth with a rise in reading to 51.8 in 3Q 2026. Overall collections and payments grew by 18.8% and 20.4% respectively on a year-on-year basis. Growth in the sector was supported by expansions in Logistics (52.0) and Sea Transport (51.7).
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics maintained a healthy pace of growth with a rise in reading to 51.8 in 3Q 2026. Overall collections and payments grew by 18.8% and 20.4% respectively on a year-on-year basis. Growth in the sector was supported by expansions in Logistics (52.0) and Sea Transport (51.7).
Find out more about how the Transport & Logistics industry performed in the OCBC SME Index each quarter.
Transport & Logistics maintained a healthy pace of growth with a rise in reading to 51.8 in 3Q 2026. Overall collections and payments grew by 18.8% and 20.4% respectively on a year-on-year basis. Growth in the sector was supported by expansions in Logistics (52.0) and Sea Transport (51.7).
Wholesale Trade
Amid a favourable external trade environment, Wholesale Trade rose from 51.7 in the previous quarter to 52.7 in 3Q 2026. Overall collections grew by 18.7% year-on-year, while overall payments grew by 17.2% year-on-year.
Retail
Retail maintained strong growth momentum in 3Q 2026, despite easing marginally from 52.8 in the previous quarter to 52.7. This was accompanied by a year-on-year increase in overall collections and payments of 17.5% and 18.6% respectively.
Resources
Resources remained in expansion territory at 50.9 in 3Q 2026, with the pace of growth picking up from the previous quarter. Overall collections and payments saw a 19.3% and 24.5% year-on-year growth, respectively.
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F&B
1Q 25
Food & Beverage softened to 49.6 this quarter, a sizeable decline from the 51.1 registered in 4Q 2024.
2Q 25
F&B expanded to 50.6 in 2Q 2025, marking a rise in reading from the 49.6 recorded last quarter. Collections grew by 4.2% on-year, while payments grew by 5.0% on-year.
3Q 25
F&B moderated to 49.4 this quarter, reversing last quarter's expansionary results. Collections grew by 3.5% on-year, while payments improved slightly by 0.6% on-year.
4Q 25
Food & Beverages (F&B) was neutral with a reading of 50.0, improving slightly from the last quarter.
1Q 26
F&B registered an expansion of 51.1 in 1Q 2026 buoyed by growth across all segments. Overall collections and payments grew by 7.6% and 6.2% respectively.
2Q 26
F&B registered an expansion of 50.3 in 2Q 2026, moderating from last quarter's result. This was accompanied with a 8.9% on-year increase in collections and a 7.7% on-year increase in payments.
3Q 26
F&B grew to 50.6 in 3Q 2026, up from the 50.3 registered in the previous quarter. Overall collections and payments grew year-on-year by 7.1% and 8.9%, respectively.
F&B Services
1Q 25
F&B Services fell into contraction at 48.3 this quarter. Collections and payments fell by 1.7% on-year and 0.9% on-year respectively.
2Q 25
F&B Services turned expansionary this quarter, registering a reading of 50.3. This was accompanied by a 3.4% on-year increase in collections and 2.6% on-year increase in payments.
3Q 25
F&B Services reversed it's expansionary results from last quarter to register a contraction at 49.0. Collections declined by 2.0% on-year and payments dropped by 3.6% on-year.
4Q 25
F&B Services saw improvement in performance but remained in contraction for another quarter and registered at 49.9.
1Q 26
F&B Services reversed it's contractionary results from the last quarter to register an expansion at 51.2.
2Q 26
F&B Services registered an expansion at 50.1, remaining in the expansionary territory while moderating slightly from last quarter's reading of 51.2.
3Q 26
F&B Services improved from 50.1 in 2Q 2026 to 50.9 in 3Q 2026, reflecting a stronger pace of business activity among SMEs.
F&B Wholesale Trade
1Q 25
F&B Wholesale Trade grew at a healthy pace with a reading of 51.8 this quarter. This expansion is accompanied by a 17.4% increase in collections and a 17.6% increase in payments year-on-year.
2Q 25
F&B Wholesale Trade grew at a healthy pace with a reading of 51.7 this quarter, with SMEs in the segment driving overall growth in the F&B industry.
3Q 25
F&B Wholesale Trade moderated but remained in expansion and registered a reading of 50.7 this quarter. The segment saw a 6.4% on-year growth in collections and a 7.2% on-year growth in payments.
4Q 25
F&B Wholesale Trade Trade moved into the contraction territory at 49.8, a drop from last quarter's reading of 50.7.
1Q 26
F&B Wholesale Trade saw improvement in performance and registered an expansion at 50.4.
2Q 26
F&B Wholesale Trade remained in expansion and registered at 50.7, improving by 0.3 from the previous quarter. Collections and payments grew by 16.8% and 17.4% year-on-year, respectively.
3Q 26
F&B Wholesale Trade remained in expansion territory, with its reading edging up from 50.7 in 2Q 2026 to 50.9 in 3Q 2026.
F&B Retail
1Q 25
F&B Retail contracted at 49.8 this quarter. Collections and payments fell by 2.2% and 0.8% respectively on an on-year basis.
2Q 25
F&B Retail flat lined at 49.9 this quarter, improving marginally by 0.1 from the previous quarter.
3Q 25
F&B Retail moved further into contraction at 48.4 this quarter. This is the segment's third consecutive month of contraction.
4Q 25
F&B Retail remained in contraction this quarter with a reading of 49.2. This is the segment's fourth consecutive month of contraction.
1Q 26
F&B Retail reversed last quarter's contractionary results after four quarters of contraction and expanded at 50.6 in 1Q 2026.
2Q 26
F&B Retail dropped into the contractionary territory and registered at 49.7 in 2Q 2026.
3Q 26
F&B Retail slipped further into contraction territory, declining from 49.7 in 2Q 2026 to 49.5 in 3Q 2026.
Healthcare
1Q 25
Healthcare flat lined at 49.8 this quarter and stayed in contraction, even as collections and payments rose by 3.8% and 4.0% on-year respectively.
2Q 25
Healthcare grew to 50.3 in 2Q 2025 after two consecutive quarters in contraction, with overall growth supported by the Healthcare Providers segment.
3Q 25
Healthcare eased to 50.1 this quarter, maintaining the industry's expansionary results for the second consecutive quarter this year.
4Q 25
Healthcare registered a contraction at 49.7 this quarter, a drop from last quarter's reading of 50.1.
1Q 26
Healthcare registered an expansion at 50.7 in 1Q 2026, recovering from the contraction in the previous quarter. Overall collections grew by 6.4% year-on-year, outpaced by the growth in payments of 9.5%.
2Q 26
Healthcare moderated but remained in expansion and registered a reading of 50.1 this quarter. Overall collections and payments grew by 7.3% and 12.4% year-on-year, respectively.
3Q 26
Healthcare improved to 50.3 in 3Q 2026. Growth in overall collections and payments was relatively muted compared with other sectors, increasing by 0.7% and 1.5% year-on-year respectively.
Healthcare Distributor
1Q 25
Healthcare Distributors contracted at 48.9 this quarter, with SMEs in the segment registering a 5.8% decline in collections.
2Q 25
Healthcare Distributors contracted for the third consecutive quarter at 49.1, with SMEs in the segment registering a 0.7% on-year decline in collections and 12.8% on-year decline in payments.
3Q 25
Healthcare Distributors reversed it's contractionary results of the last quarter and registered an expansion at 50.2. Collections grew by 7.8% on-year and payments grew by 9.6% on-year.
4Q 25
The Healthcare Distributor segment registered at 49.7 and moved into the contraction territory this quarter.
1Q 26
The Healthcare Distributor segment registered a strong expansion at 52.2. Collections and payments for the segment saw year-on-year growth of 18.3% and 19.8%, respectively.
2Q 26
Healthcare Distributors registered another quarter of expansion at 51.9. This was accompanied with a 16.7% on-year increase in collections and a 30.6% on-year increase in payments.
3Q 26
Healthcare Distributors remained in expansion territory at 51.9, unchanged from the previous quarter, indicating a broadly stable pace of growth.
Healthcare Provider
1Q 25
Healthcare Providers remained in expansion at 50.5, improving marginally from the 50.2 registered last quarter. Collections and payments recorded an increase of 3.9% and 5.8% respectively, on a year-on-year basis.
2Q 25
Healthcare Providers remained in expansion for the fifth consecutive quarter at 50.9, improving from the 50.5 registered last quarter.
3Q 25
Healthcare Providers moved into contraction at 49.6 in 3Q 2025, ending the segments expansionary run over the last 5 quarters.
4Q 25
The Healthcare Provider segment remained in contraction for another quarter at 49.8.
1Q 26
The Healthcare Provider segment reversed last month's contraction and registered an expansion at 50.3.
2Q 26
Healthcare Providers dropped into contraction and registered at 49.4 in 2Q 2026.
3Q 26
Healthcare Providers improved from 49.4 in 2Q 2026 to 49.8 in 3Q 2026, although the segment remained in contraction territory.
Transport & Logistics
1Q 25
Transport & Logistics deteriorated to 49.5 in 1Q 2025, down from the 51.7 registered last quarter. This was accompanied by a 0.9% on-year increase in collections and 0.8% on-year drop in payments.
2Q 25
Transport & Logistics edged higher to 49.8 in 2Q 2025, with growth mainly supported by healthy performance in the Logistics segment.
3Q 25
Transport & Logistics remained in contraction but improved marginally to 49.9. Collections grew by 6.7% on-year, while payments grew by 1.9% on-year.
4Q 25
Transport & Logistics registered an expansion at 50.1. This was accompanied by an increase in overall collections and payments of 8% on-year and 10% on-year, respectively.
1Q 26
Transport & Logistics grew to 51.2 in 1Q 2026, up from the 50.1 recorded in last quarter. Collections and payments for the sector grew by 14.1% and 16.1% respectively on a year-on-year basis.
2Q 26
Transport & Logistics registered another quarter of expansion at 51.5 in 2Q 2026. Overall collections and payments grew by 15.4% and 14.4% year-on-year, respectively.
3Q 26
Transport & Logistics maintained a healthy pace of growth with a rise in reading to 51.8 in 3Q 2026. Overall collections and payments grew by 18.8% and 20.4% respectively on a year-on-year basis.
Sea Transport
1Q 25
Sea Transport fell into contraction at 48.8 this quarter. This reversal from expansion is accompanied by a 15.1% on-year drop and a 16.8% on-year decline in Collections and Payments respectively.
2Q 25
The contraction in Sea Transport narrowed to 49.7, as SMEs in the segment saw an improvement in reading from the 48.8 recorded last quarter.
3Q 25
Sea Transport remained in contraction and registered at 49.9, a slight improvement from last quarter's results.
4Q 25
Sea Transport registered a reading of 49.8, remaining in contraction for the fourth consecutive quarter.
1Q 26
Sea Transport improved and registered an expansion at 51.1, ending the segment's contractionary run over the last four quarters.
2Q 26
Sea Transport registered a reading of 50.9 in 2Q 2026, remaining in expansionary territory. Collections saw a 17.5% on-year growth and payments saw a 12.1% on-year growth in this quarter.
3Q 26
Sea Transport strengthened from 50.9 in 2Q 2026 to 51.7 in 3Q 2026, with SMEs benefitting from the strong trade activity.
Land Transport
1Q 25
Land Transport contracted at 49.3 this quarter. Down from the 50.1 registered in 4Q 2024.
2Q 25
Land Transport improved to 49.7 this quarter, but remained in contractionary territory.
3Q 25
Land Transport remained in contraction and registered at 49.9.
4Q 25
Land Transport reversed from the contraction territory and expanded at 50.6 this quarter. This is accompanied with a 9% year-on-year increase in payments, and a 10% year-on-year increase in payments.
1Q 26
Land Transport improved and registered an expansion at 51.0. This is accompanied with a 10.3% year-on-year increase in collections and a 11.9% year-on-year increase in payments.
2Q 26
Land Transport registered a reading of 50.9 in 2Q 2026, remaining in expansionary territory. Collections grew by 13.5% and payments grew by 15.1% year-on-year, respectively.
3Q 26
Growth in Land Transport moderated slightly, with the reading easing from 50.9 in 2Q 2026 to 50.6 in 3Q 2026, while remaining in expansion territory.
Logistics
1Q 25
Logistics moderated but remained in expansion at 51.7 this quarter. This strong performance is led by a healthy 20.8% growth in Collections and a 16.8% growth in Payments on an on-year basis.
2Q 25
Reading in the Logistics segment moderated to 50.8, down from the 51.7 last quarter. SMEs in the segment remained in expansion as collections and payments grew by 9.3% and 12.6% year-on-year respectively.
3Q 25
Logistics fell into contraction at 49.4 this quarter, down from last quarter's expansionary results.
4Q 25
The Logistics segment registered a reading of 48.6, a drop from last quarters reading of 49.4. This is the segment's second consecutive quarter of contraction.
1Q 26
Logistics improved and registered an expansion at 50.4 in 1Q 2026, an improvement from last quarter's contractionary results.
2Q 26
Logistics edged higher from the previous quarter to register an expansion at 51.1 in 2Q 2026. Both collections and payments saw a 19.2% on-year growth each.
3Q 26
Logistics led the growth within the Transport & Logistics sector, with its reading rising from 51.1 in 2Q 2026 to 52.0 in 3Q 2026.
Education
1Q 25
Education dipped to 49.6 in 1Q 2025 and fell into the contraction territory. This was led by a 3.0% increase in collections and 2.0% fall in payments.
2Q 25
Education remained in contraction for the second consecutive quarter at 49.7. This was led by a 1.1% on-year drop in collections and 1.8% on-year drop in payments.
3Q 25
Education remained in contraction for the third consecutive quarter at 49.9. This was led by a 1.1% on-year drop in payments, and a marginal 2.3% on-year increase in collections.
4Q 25
Education improved to 50.3 in 4Q25, entering the expansion territory with a 4% year-on-year increase in collections and a 1% year-on-year increase in payments.
1Q 26
Education improved to 50.6 in 1Q 2026, with a steady year-on-year increase in overall collections and payments at 5.2% and 4.8% respectively.
2Q 26
Education registered at 49.6, dropping into contractionary territory in 2Q 2026.
3Q 26
Education slipped further into contraction at 49.0 in 3Q 2026 from 49.6 registered in the previous quarter.
Education - Early Childhood Education
1Q 25
Early Chilldhood Education saw a modest expansion of 50.2, up from the 49.4 registered last quarter. Collections and payments saw health growth at 15.5% and 14.3% on-year respectively.
2Q 25
Early Childhood Education fell to 49.3 in 2Q 2025, down from the 50.2 registered last quarter.
3Q 25
Early Childhood Education maintained at 49.3 in 3Q 2025. Collections maintained a 2.3% on-year growth, while payments registered a 5.5% on-year decline this quarter.
4Q 25
Early Childhood Education expanded to 50.6, an improvement from the 49.3 registered last quarter.
1Q 26
Early Childhood Education remained in expansion with a reading of 50.4. The pace of growth has slowed from the last quarter.
2Q 26
Early Childhood Education remained in expansion with a reading of 51.8.
3Q 26
Early Childhood Education remained in expansion territory at 51.6 in 3Q 2026, although the pace of growth moderated from the previous quarter.
Education - Training Centres
1Q 25
Training Centres maintained at 50.5, registering another quarter of expansion.
2Q 25
Training Centres maintained at 50.6, registering another quarter of expansion.
3Q 25
Training Centres improved to 50.9 this quarter, registering another quarter of expansion.
4Q 25
Training Centres eased marginally and remains in expansion at 50.8. Business activity is likely driven by individuals utilising their Skills Future credits ahead of the end-2025 expiry.
1Q 26
Training Centres registered an expansion at 50.9 in 1Q 2026, a marginal improvement from last quarter's reading of 50.8.
2Q 26
Training Centres moved into the contraction territory by registering at 48.4 in 2Q 2026. This was accompanied with a 3.4% on-year drop in collections and 9.7% on-year drop in payments.
3Q 26
Training Centres edged up from 48.4 in 2Q 2026 to 48.5 in 3Q 2026, but remained in contraction territory.
Education - Recreation Classes
1Q 25
Recreation Classes maintained at 50.5, registering another quarter of expansion. Collections and Payments increased by 8.3% and 3.8% on-year respectively.
2Q 25
Recreation Classes recorded another quarter of modest expansion with a reading of 50.8. Collections and Payments increased by 11.3% and 5.2% on-year respectively.
3Q 25
Recreation Classes recorded another quarter of expansion, bringing the reading to 50.5.
4Q 25
Recreation Classes recorded another quarter of expansion at 50.1, easing marginally from last quarter's reading of 50.5.
1Q 26
Recreation Classes recorded another quarter of expansion at 50.5, an improvement from the 50.1 registered last quarter.
2Q 26
Recreation Classes remained in the neutral territory of 50.0.
3Q 26
Recreation Classes moved into the contractionary territory with a fall in reading from 50.0 to 49.8.