Singapore PMI continues six-month expansion streak
Factory activity continues to accelerate in December.
The Singapore Purchasing Managers’ Index (PMI) recorded a 0.1 increase to 50.5 from the previous month’s 50.4, continuing the six-month expansion streak of the manufacturing industry.
Singapore’s PMI expansion started in July with 50.2. A PMI reading above 50 is an expansion, whilst any number below is a contraction.
In April, the Singapore PMI recorded a 44.7, the lowest contraction of 2020. The highest expansion recorded for the year was 50.5.
Sophia Poh, SIPMM vice-president for industry engagement and development, said in a statement that the manufacturing sector has ended the eventful year with a positive reading.
"It is heartening to note that the sector is looking ahead to a brighter outlook for the new year, even though it will take some time before wide-scale vaccination programmes can be implemented globally,” she added.