Singapore: Manufacturing PMI falls in February, electronics sector rebounds
March 4, 2013
In February, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) fell to 49.4 points. The figure was down from the 50.2 points observed in January and undershot market expectations of 50.3 points. As a result, the index fell back below the 50-point threshold that indicates a contraction in the manufacturing sector.
The February print reflected a deterioration in five out of the nine categories that compose the index, with the finished goods sub-index recording the largest decline and falling to its lowest level in 16 months.
Meanwhile, a separate PMI elaborated for the all-important electronics sector improved over the previous month. In February, the index rose to 52.1 points from the 49.9 points recorded in January.
FocusEconomics Consensus Forecast panellists expect manufacturing output to grow 2.9% in 2013, which is down 0.6 percentage points from last month's forecast. For 2014, the panel expects manufacturing output growth to accelerate to 4.7%.