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Image Source: Financial Tribune

Image Source: Financial Tribune

Manufacturing Growth In Singapore Moderates After Eight-Year High

Singapore: Singapore’s manufacturing sector growth toned down in February following an eight-year-high reading the previous month, owing mainly to the electronics segment, which saw slower growth in factory output, new orders, imports, input prices, employment, and new exports.

The purchasing managers’ index (PMI)—which is an early indicator of manufacturing activity—came in at 52.7 points in February, a drop of 0.4 point from January, according to data released by the Singapore Institute of Purchasing and Materials Management.

Despite the lower reading, the electronics sector now records its 19th month of consecutive expansion. A PMI reading above 50 signals that the manufacturing economy is generally expanding, while a reading below 50 indicates overall decline.

Selena Ling, head of treasury research and strategy, OCBC Bank remarked that she does not expect the double-digit expansion of the January 2018 manufacturing output to sustain itself.

However, Ms Ling did add that manufacturing growth for the first quarter of the year and also the full year is projected at a “still healthy” rate, 6.7 percent year-on-year and 4.9 percent year-on-year respectively.

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