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Singapore's manufacturing PMI declines for first time in over two years

Singapore’s purchasing managers' index (PMI), an early indicator of manufacturing activity, decreased 0.1 point from the previous month to 49.9 in September.
Singapore's manufacturing PMI declines for first time in over two years ảnh 1Illustrative image (Photo: https://www.businesstimes.com.sg/)
Singapore (VNA) – Singapore’s purchasing managers' index (PMI), anearly indicator of manufacturing activity, decreased 0.1 point from theprevious month to 49.9 in September.

This was the first contraction of the overallmanufacturing PMI after 26 consecutive months of expansion, the SingaporeInstitute of Purchasing and Materials Management (SIPMM), which publishes thePMI on a monthly basis, announced on October 3.

The PMI of the electronics sector, which accounts for 40% ofSingapore’s industrial output, decreased by 0.2 point from August to 49.4 inSeptember. This is the second month of contraction for this sector.

Chua Hak Bin, head of research at Maybank, said that thecontraction in electronics manufacturing on the back of slumping global demandwill depress Singapore's economic growth.

He said the upcoming third-quarter GDP estimate by theMinistry of Trade and Industry may show Singapore's GDP growth shrank 0.6%on a seasonally adjusted quarter-on-quarter basis, after a 0.2% contraction inthe second quarter./.
VNA
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