Singapore: The Purchasing Managers’ Index (PMI) for Singapore dropped 0.3 points in May to a slower expansion rate of 50.8, according to the Singapore Institute Of Purchasing And Materials Management.
This was due to slower growth rates in key indicators of factory output, new orders, new exports and inventory level. A contraction reading in employment also contributed to the reduced expansion rate. A PMI reading above 50 indicates that the manufacturing economy is generally expanding.
Despite this, the manufacturing sector in Singapore has seen its ninth month of consecutive growth, and evidence in the latest PMI readings suggests that the sector was supported by strong expansion in the electronics sector.
The Singapore Economic Development Board previously stated that the manufacturing sector will see a predicted 16 percent increase in output for the period of April to September 2017.