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Financial News: Singapore Manufacturing Growth Improves Slightly

Singapore Manufacturing Growth Improves Slightly

06/02/2022 - 12:23:00 (RTTNews)

(RTTNews) - Singapore's manufacturing expansion improved only modestly in May as the growth in the electronics industry moderated, results of the latest purchasing managers' survey by the Singapore Institute of Purchasing and Materials Management showed Thursday.

The purchasing managers' index for the factory sector edged up 0.1 point to 50.4, thus expanding for the twenty-third month in a row. The reading was the highest in four months.

A reading above 50 suggests growth in the sector.

Meanwhile, the electronics sector PMI dropped 0.2 points to 50.5. The sector marked 22 consecutive months of expansion.

The slowdown in the electronic industry could be a result of the prolonged uncertainties arising from the Russia-Ukraine conflict and rising supply costs, Sophia Poh, vice president for industry engagement & development at SIPMM, said. Global demand had also weakened due to the massive lockdowns in China and a slowing growth in the EU, the official added.

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