Singapore PMI November 2020

Singapore

Singapore: Manufacturing and electronics PMIs remain in expansionary territory in November

November 4, 2020

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

The manufacturing PMI inched down to 50.4 in November from 50.5 in October, thus moving slightly closer to the 50-point threshold that separates expansion from contraction in the sector and marking the fifth consecutive month of expansion in the manufacturing sector. November’s drop reflected the slower output growth and a steeper contraction in employment.

Contrastingly, the electronics PMI increased marginally to 51.1 points in November from 51.0 in October, the highest level recorded since September 2018. The uptick was likely driven by growth in new orders, export demand and factory output, while the employment picture improved for the first time in 10 months.

FocusEconomics Consensus Forecast panelists expect manufacturing output to expand 3.2% in 2021, which is down 0.3 percentage points from last month’s estimate, and grow 4.0% in 2022.


Author:, Economist

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Singapore PMI November 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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