However, the manufacturing sector remains strong as it posts its 16th consecutive month of growth.
A slower rate of expansion in factory output and inventory caused a modest slowdown in the December reading of Purchasing Managers’ Index (PMI) to 52.8 which was more than offset by high levels of new orders, exports and employment, according to the Singapore Institute of Purchasing & Materials Management.
PMI is an indicator of the manufacturing sector’s economic health and business conditions.
The electronics sector posted a 53.2 reading in December– its 17th month of consecutive growth - despite a 0.3 drop in percentage points due to slower rate of expansion in new orders, exports, factory output, inventory and employment.
However, SIPMM notes that anecdotal evidence points to growing levels of optimism amongst electronic manufacturers in the year ahead.
Despite a marginal decrease, the overall PMI remain strong as it represents the 16th month of consecutive expansion and caps a year of strong growth for the manufacturing sector.
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