Singapore’s purchasing managers index (PMI), an early indicator of manufacturing activity, posted a reading of 51.5 points in August, the highest figure since November 2014.(Photo: straitstimes.com)
Singapore (VNA) – Singapore’s purchasing managers’ index (PMI), an early indicator of manufacturing activity, posted a reading of 51.5 points in August, the highest figure since November 2014, reported the Singapore Institute of Purchasing and Materials Management (SIPMM).
The country’s PMI reading in July was 51 points.
A reading above 50 points shows better business conditions from the previous month while the one under 50 indicates the contraction.
Almost all indicators showed signs of improvements with new orders, new exports, factory output and inventory levels all expanding at a faster pace.
Earlier, the Singaporean Government forecast the country’s GDP growth in 2017 at 2.5 percent in the context of better performance in the second quarter of the year. The Ministry of Industry and Trade said that the country’s GDP expanded 2.9 percent during the April-June period, spurred by the recovery of the manufacturing sector.
The Singaporean economy grew 2.7 percent in the first six months of the year.
Singapore is an Asian economy that depends much on export activities and has benefited from the increasing demands in foreign markets since the end of 2016.-VNA
VNA
