Singapore manufacturing report

February marked the fifth consecutive month of decline in industrial production. 

Excluding biomedical manufacturing, output would have fallen by 6.3% YoY.

Manufacturing output grew by only 0.6% compared to 2.6% in June.

PMI edged down by 0.2 point to 50.1.

Analysts now predict 2022 GDP growth to settle at 3.2% YoY from 3.5% YoY.

Excluding biomedical manufacturing, output grew 4.2% YoY.

The electronics industry posted a strong performance last month.

In Q1, growth was at a +7.9% pace. 

The reopening of borders will help sustain the overall manufacturing momentum.

In Q1, the sector posted an above-estimate growth of 7.1%.

The increase was due to the output growth in four of the six clusters.

Looking ahead, analysts said the road will be “bumpy” for the manufacturing sector.

Electronics manufacturing expanded amidst the global chip shortage.

Excluding biomedical manufacturing output fell 0.2% MoM.

Excluding biomedical manufacturing, output grew by 5%. 

Singapore PMI recorded an expansion of 50.8.