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Singapore: Manufacturing PMI drops to contractionary territory in December

January 2, 2015

The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) dropped from 51.8 in November to 49.6 in December. As a result, the PMI fell below the 50-threshold that separates expansion from contraction in the manufacturing sector, and now sits in contractionary territory. December’s PMI was the lowest level recorded since February 2013.

The reading, which undershot the 51.0 that markets had expected, was driven by deteriorations in the majority of the categories that comprise the index. New export orders, employment and imports exhibited the largest drops. Conversely, delivery times, and finished goods improved compared to the previous month.

The electronics PMI also declined in December, although very slightly. The index inched down from 50.6 in November to 50.5 in December. The result came in above the 50.1 that the markets had expected.

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


Author:, Economist

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Singapore PMI December 2014 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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