Economist at UOB Group Barnabas Gan reviews the latest PMI data in Singapore.
Key Takeaways
“Singapore’s manufacturing Purchasing Managers’ Index (PMI) reported by SIPMM rose marginally by 0.1 point to 50.7 in Dec 2021. This marks the 18th straight month where PMI is above the expansionary 50.0 mark. Likewise, the electronic PMI registered a gain of 0.2 point to post a faster rate of expansion at 51.0.”
“The advance in Dec’s PMI reading was in line with the general improvement in Singapore’s economic conditions. Specifically, faster expansion rates were observed in new orders, new exports, factory output, inventory and employment.”
“Our view that Singapore’s manufacturing sector is one of the key economic support pillars remains unchanged. For 2022, we expect full-year manufacturing to grow by an average of 4.0%, underpinned by the buoyant global trade activity expected for the year ahead.”