Singapore: Manufacturing PMI inches up in October
November 1, 2013
In October, the manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) inched up from 50.5 points in September to 51.2 points, which barely overshot the 50.9 points the market had expected. The index remains above the 50-point threshold that indicates expansion in the manufacturing sector. The improvement came on the back of an increase in manufacturing of new orders as well as in new export orders. The electronics PMI recorded 51.0 points in October, which was virtually unchanged over the 50.3 points seen in the previous month. FocusEconomics Consensus Forecast panelists 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%, which is down 0.7 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist