Singapore PMI

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Singapore: Manufacturing PMI broadly stable; remains in contractionary territory in March

April 2, 2015

The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) inched down from 49.7 in February to 49.6 in March. The index has been on a downward trend since October of last year, when it recorded a multi-year-high of 51.9. March’s print marks the fourth consecutive reading below the 50-threshold that separates contraction from expansion in the manufacturing sector.

March’s reading reflected deteriorations in four out of the nine sub-components that comprise the overall index. Employment, new exports orders, finished goods and stock of purchases declined compared to the previous month. Conversely, the remaining five categories improved somewhat compared to February. The largest increases were registered in output and input prices.

The electronics PMI increased from 49.8 in February to 50.1 in March, returning to expansionary territory after only a month below the 50-threshold.

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 3.1% in 2015, which is down 0.9 percentage points from last month’s forecast. For 2016, the panel sees manufacturing output expanding 4.0%.


Author:, Economist

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Singapore PMI March 2015 0

Note: Purchasing Managers’ Index. Readings above 50 points indicate an expansion in the manufacturing sector while readings below 50 points indicate a contraction.
Source: Singapore Institute of Purchasing and Materials Management (SIPMM).


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