Singapore: Manufacturing PMI inches down in March
April 2, 2014
In March, the manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) recorded 50.8 points, which was slightly down from the 50.9 points tallied in February. The figure marked the lowest level in three months and undershot market expectations of an increase to 51.1 points. However, the index is still just above the 50-point threshold that indicates expansion in the manufacturing sector. Almost all of the sub-indexes that compound the PMI index were virtually unchanged compared to the previous month, with the exception of the index of finished goods, which reached its lowest level in three months.
The electronics PMI recorded an improvement compared to the previous month. The index inched up from 51.2 points in February to 51.6 points in March.
FocusEconomics Consensus Forecast panelists expect manufacturing output growth to be 3.6% in 2014, which is unchanged over last month's forecast. For 2015, the panel expects manufacturing output growth to be 3.5%.
Author: Dirina Mançellari, Senior Economist