Singapore’s manufacturing sector has shown signs of continued recovery, with a key gauge of activity expanding for the third consecutive month in November, according to the Singapore Institute of Purchasing and Materials Management (SIPMM).
- Purchasing Managers Index (PMI): The PMI rose to 50.3 in November from 50.2 in October, indicating ongoing expansion in the manufacturing sector. This growth was driven by increases in new orders, input purchases, new exports, and factory output.
- Electronics Sector: The PMI for the electronics sector, which represents about a third of Singapore’s manufacturing activity, also returned to expansion in November, rising to 50.1 from 49.9 in October.
Positive Outlook Amid Uncertainties
Despite ongoing global geopolitical and macroeconomic uncertainties, Singapore’s manufacturing activity has shown resilience and continued expansion. Stephen Poh, the executive director at SIPMM, believes that the latest PMI readings suggest a firm recovery for the manufacturing sector towards the end of the year.
These positive indicators bode well for Singapore’s overall economic recovery and signal a path towards sustained growth within the manufacturing sector.