Singapore PMI April 2020

Singapore

Singapore: Manufacturing and electronics PMIs fall to over one-decade lows in April

May 5, 2020

Both the manufacturing and electronics Purchasing Managers’ Indexes (PMI) recorded their worst readings in over a decade in April as Singapore’s private-sector business conditions deteriorated on the back of fallout from Covid-19.

Conditions in the crucial electronics sector contracted at the steepest rate since December 2008 (April 2020: 42.8; March 2020: 44.1). This was chiefly due to falling new orders, exports and output. Turning to the manufacturing sector, operating conditions worsened for the third month running, with the sector’s PMI falling to 44.7 in April from 45.4 in March and marking the lowest reading since November 2008. Government-imposed restrictions and the lockdown abroad weighed on the sector.

FocusEconomics Consensus Forecast panelists expect manufacturing output to contract 6.1% in 2020 before growing 7.2% in 2021.


Author:, Economist

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Singapore PMI April 20 20 1

Note: Purchasing Managers’ Index. Readings above 50 points indicate an expansion in the manufacturing sector compared to the previous month, while readings below 50 points indicate a contraction.
Source: Singapore Institute of Purchasing and Materials Management (SIPMM).


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