Singapore: Manufacturing PMI enters expansion territory
February 5, 2014
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) inched up from 49.7 points in December to 50.5 points in January, which met market expectations. As a result of the increase, the index is now above the 50-point threshold that indicates expansion in the manufacturing sector. The increase mainly resulted from a rise in manufacturing of new export orders as well as imports.
The electronics PMI also recorded an improvement compared to the previous month. The index rose from 50.1 points in December to 52.0 points in January.
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 accelerate to 3.5%.
Author: Dirina Mançellari, Senior Economist