Singapore’s purchasing managers’ index (PMI) strengthened in February, as factories reported a rise in new orders and production levels.
The PMI edged up to 50.9, up from the reading of 50.5 in January and staying above the key 50-point level for a second month.
A PMI reading above 50 indicates manufacturing is expanding, while a figure below that shows activity is contracting.
The corresponding index for the electronics sector came in at 51.2 – supported by growth in new orders from domestic and overseas markets.
This is a dip of 0.8 point over January, but it is now the 13th straight month that the sector is expanding.
The readings indicated further growth in new orders from domestic and overseas markets.
The uptick in Singapore contrasts with PMI data from the region, which generally showed manufacturing weakening in economies such as China and South Korea.
Singapore’s PMI numbers are closely-watched because manufacturing accounts for more than 25 per cent of GDP.
Source : Channel News Asia | March 3, 2014