Singapore: Manufacturing PMI inches up in February
March 3, 2014
In February, the manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) inched up from 50.5 points in January to 50.9 points. The result slightly overshot market expectations of an increase to 50.7 points. The index is still just above the 50-point threshold that indicates expansion in the manufacturing sector. The increase mainly resulted from a rise in the manufacturing sub-indexes for employment and finished goods.
The electronics PMI recorded a deterioration compared to the previous month. The index fell from 52.0 points in January to 51.2 points in February.
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