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Singapore PMI May 2023

Singapore: Manufacturing PMI points to a stronger contraction in May

The Singapore Institute of Purchasing and Materials Management Manufacturing PMI fell to 49.5 in May from April’s 49.7. As a result, the index moved deeper into contractionary terrain.

The headline print reflected a sharper deterioration in new orders, exports, factory output and inventory. That said, employment contracted at a milder rate. The PMI for the electronics sector, which accounts for 42% of Singapore’s industrial output, came in at 49.1 in May, down from April’s 49.2.

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