Singapore: Manufacturing PMI moderates in February

The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) dropped to 52.7 in February from 53.1 in January. Although the manufacturing sector moved closer to the 50-point threshold that separates expansion from contraction in the manufacturing sector, it logged an 18th consecutive month of expansion.

February’s result reflected a broad-based moderation in nearly all categories. Growth in new export orders, new orders and output slowed in the month, while employment also increased at a less brisk pace.

The electronics PMI moderated slightly, from 52.9 in January to 52.1 in February. While it slipped for the third consecutive month, it still signaled healthy expansionary conditions.

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 1.5% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees manufacturing output expanding 1.6%.