Barnabas Gan, an economist at UOB Group, offers his thoughts on Singapore’s Manufacturing PMI, which was just released.
“SIPMM stated that Singapore’s manufacturing Purchasing Managers’ Index (PMI) increased by 0.1 point to 50.8 in June 2021. This is the 12th month in a row that PMI has risen above the expansionary 50.0 threshold.”
“The expansion in June’s PMI data continues to present a strong manufacturing backdrop, which has bolstered Singapore’s economic resilience since the COVID-19 pandemic began in 2020.”
“Moreover, the increase in the PMI index in June suggests that the global manufacturing sector escaped Phase Two (Heightened Alert [HA]), which concluded on June 14, 2021, reasonably undamaged.”
“The industrial sector is likely to be one of Singapore’s primary pillars of growth, barring an escalation of COVID-19 infections. Singapore’s export-oriented industries are likely to benefit from the global trade expansion, which will boost sectors that deal with the outside world such as manufacturing, wholesale commerce, and financial services. As a result, we expect the manufacturing sector in Singapore will grow by 8.0 percent “in the year 2021.”/n
