Singapore PMI April 2022

Singapore

Singapore: Manufacturing and electronics PMIs increase in April

May 6, 2022

The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both increased slightly in April, moving further within expansionary terrain.

The manufacturing PMI clocked in at 50.3 in April, slightly up from the 50.1 reading in March and moving further above the 50-point threshold that separates expansion from contraction in the sector. The reading marked the 22th consecutive month of expansion in the manufacturing sector.

Meanwhile, the electronics PMI rose to 50.7 in April from 50.4 in March, logging the 21th consecutive month of expansion for the sector.

Commenting on the readings, Sophia Poh, vice president at SIPMM, noted:

“The latest PMI readings bode well for the manufacturing sector despite several challenges in the global markets. There appears to be no end in sight to the Russia-Ukraine conflict, and local manufacturers are increasingly concerned about the rising energy cost, supply disruptions, and inflationary pressures.”

FocusEconomics Consensus Forecast panelists expect manufacturing output to expand 5.9% in 2022, which is up 0.7 percentage points from last month’s estimate, and grow 2.5% in 2023.


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