Singapore: Manufacturing PMI rebounds to an almost two-year high in March
April 3, 2013
In March, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose to 50.6 points. The figure was up from the 49.4 points observed in February and overshot market expectations of 49.8 points. In fact, the reading represented the highest level observed since May 2011. As a result, the index came back above the 50-point threshold that indicates an expansion in the manufacturing sector.
The March print reflected an improvement in seven out of the nine categories that compose the index, with the output as well as the input prices sub-indices recording the largest increases.
On the other hand, a separate PMI elaborated for the all-important electronics sector deteriorated over the previous month. In March, the index fell to 51.9 points from the 52.1 points recorded in February.
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%.