Singapore PMI July 2022
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in July, as did the electronics PMI. However, both remained within expansionary terrain.
The manufacturing PMI clocked in at 50.1 in July, slightly down from the 50.3 reading in June but remaining above the 50-point threshold that separates expansion from contraction in the sector. The reading marked the 25th consecutive month of expansion in the manufacturing sector.
Meanwhile, the electronics PMI fell to 50.5 in July from 50.8 in June, logging the 24th consecutive month of expansion for the sector.
Commenting on the readings, Sophia Poh, vice president at SIPMM, noted:
“The latest PMI readings signalled a start of the second half-year on a slightly dour outlook for manufacturers. The sector continues to face global headwinds as high inflation hit almost all advanced economies. This further aggravates the costly disruptions on global supply chains due to the pandemic, as well as the prolonged uncertainties arising from the Russia-Ukraine conflict.”
FocusEconomics Consensus Forecast panelists expect manufacturing output to expand 5.9% in 2022, which is up 0.7 percentage points from last month’s estimate, and grow 2.5% in 2023.