Singapore PMI May 2020

Singapore

Singapore: Manufacturing and electronics PMIs pick-up from over one-decade lows in May

June 2, 2020

Both the manufacturing and electronics Purchasing Managers’ Indexes (PMIs) regained some lost ground in May, after falling to the worst readings in over 10 years in April amid a shock from the Covid-19 pandemic. The manufacturing PMI rose to 46.8 in May from April’s 44.7 and the electronics PMI recovered to 46.2 from April’s 42.8. Despite the upticks, both index’s lie far below the 50-point threshold and point to contractions in the manufacturing and electronics sectors.

Looking at the details, new orders and output continued to drop in May, albeit at a softer pace compared to June. In addition, firms continued to shed jobs although also at a more moderate rate.

FocusEconomics Consensus Forecast panelists expect manufacturing output to contract 4.3% in 2020 before growing 4.7% in 2021.


Author: Angela Bouzanis, Lead Economist

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Singapore PMI May 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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