Singapore PMI December 2020

Singapore

Singapore: Manufacturing and electronics PMIs inch up in December

January 5, 2021

The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose marginally in December, as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic.

The manufacturing PMI inched up to 50.5 in December from 50.4 in November, thus moving slightly further from the 50-point threshold that separates expansion from contraction in the sector and marking the sixth consecutive month of expansion in the manufacturing sector. December’s slight rise reflected the faster output growth and a slower contraction in employment.

Similarly, the electronics PMI increased marginally to 51.2 points in December from 51.1 in November, the highest level recorded since September 2018. The uptick was likely driven by growth in new orders and factory output, while the employment picture improved for the second month running.

FocusEconomics Consensus Forecast panelists expect manufacturing output to expand 4.2% in 2021, which is up 1.0 percentage points from last month’s estimate, and grow 4.8% in 2022.


Author:, Economist

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Singapore PMI December 20 20

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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