Singapore’s manufacturing economy continued on its uptrend, with the latest Purchasing Managers’ Index (PMI) in expansion mode over the last three straight months.
According to data from the Singapore Institute of Purchasing and Materials Management (SIPMM) released on Friday (Dec 2), November’s PMI came in at 50.2, up 0.2 point from the previous month.
A reading above 50 means the manufacturing economy is expanding, while a reading below that indicates a contraction.
This comes on the back of slight improvements in new orders, new exports and factory output.
However, the electronics sector grew at a slower pace, with the electronics PMI dipping by 0.3 point to come it at 50.5. This was due to slower expansion of new orders, new exports and factory output.
Singapore’s continued expansion of the manufacturing industry comes on the back of stronger PMI numbers from China, which is a key trading partner for the city-state.
Source: Channel News Asia