Singapore: Manufacturing PMI continues to rise in June
July 4, 2013
In June, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose to 51.7 points. The figure exceeded both the 51.1 points observed in May and market expectations of 51.0 points. As a result, the index remains above the 50-point threshold that indicates an expansion in the manufacturing sector.
Eight out of the nine categories that compose the index remained in expansionary territory, with the stocks of purchases as well as the employment sub-indices recording the largest increases over the previous month.
That said, a separate PMI elaborated for the all-important electronics sector deteriorated over the previous month. The index edged down to 51.2 points in June from the 51.4 points recorded in May.
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 manufacturing output growth to accelerate to 4.8%.