Singapore: Manufacturing PMI continues to rise in July
August 1, 2013
In July, the manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose to 51.8 points, the highest level observed since April 2011. The figure was slightly above the 51.7 points observed in July and overshot market expectations of 51.3 points. The index therefore remains above the 50-point threshold which indicates expansion in the manufacturing sector.
The July increase reflected an improvement in six out of nine categories that compose the index, with new orders and new export orders recording the largest increases over the previous month.
A separate PMI for the all-important electronics sector, however, showed deterioration over the previous month. The index fell to 50.3 points in July (June: 51.2 points).
FocusEconomics Consensus Forecast panellists expect manufacturing output to grow 1.1% in 2013, which is down 0.7 percentage points from last month's forecast. For 2014, the panel expects the manufacturing output growth to accelerate to 4.8%.
Author: Dirina Mançellari, Senior Economist