Singapore PMI March 2021

Singapore

Singapore: Manufacturing and electronics PMIs in expansionary territory in March

April 6, 2021

The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors had divergent months in March, but both remained in expansionary territory as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April 2020 due to the coronavirus pandemic.

The manufacturing PMI rose slightly to 50.8 in March from 50.5 in February, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the ninth consecutive month of expansion in the manufacturing sector. The higher reading was attributed to faster growth in new orders, exports and employment.

Contrastingly, the electronics PMI decreased marginally to 50.6 points in March from 50.8 in January, and thus fell to its lowest level in seven months amid slower growth in output and exports.

FocusEconomics Consensus Forecast panelists expect manufacturing output to expand 4.4% in 2021, which is down 0.2 percentage points from last month’s estimate, and grow 4.4% in 2022.


Author:, Economist

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Singapore PMI March 2021

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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