Singapore PMI May 2022

Singapore

Singapore: Manufacturing PMI increases while electronics PMI decreases in May

June 7, 2022

The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector rose in May, while the electronics PMI dipped in the same month. However, both remained within expansionary terrain.

The manufacturing PMI clocked in at 50.4 in May, slightly up from the 50.3 reading in April and moving further above the 50-point threshold that separates expansion from contraction in the sector. The reading marked the 23th consecutive month of expansion in the manufacturing sector.

Meanwhile, the electronics PMI dipped to 50.5 in May from 50.7 in April, logging the 22th consecutive month of expansion for the sector.

Commenting on the readings, Sophia Poh, vice president at SIPMM, noted:

“Despite continuing growth of the overall manufacturing sector, growth in the electronics industry appeared to be moderating. This could be a result of the prolonged uncertainties arising from the Russia-Ukraine conflict and rising supply costs. Global demand had also weakened due to the massive lockdowns in China and a slowing growth in the EU.”

FocusEconomics Consensus Forecast panelists expect manufacturing output to expand 5.9% in 2022, which is up 0.7 percentage points from last month’s estimate, and grow 2.5% in 2023.


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