Singapore: Manufacturing PMI improves in April
May 6, 2014
In April, the manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) came in at 51.1 points, which was an improvement over the 50.8 points recorded in March. The figure, which met market expectations, marked the highest level in six months. The index is still just above the 50-point threshold that indicates expansion in the manufacturing sector. Almost all of the sub-indexes that comprise the PMI index recorded an improvement over the previous month, with the exception of the employment index, which dropped to a three-month low.
The electronics PMI recorded a deterioration compared to the previous month. The index fell from 51.6 points in March to 50.4 points in April.
FocusEconomics Consensus Forecast panelists expect manufacturing output growth of 3.6% in 2014, which is unchanged over last month's forecast. For 2015, the panel expects manufacturing output growth of 3.5%.
Author: Dirina Mançellari, Senior Economist