Economy · August 4, 2022

Singapore PMI July 2022

The Purchasing Managers’ Indices (PMI), produced by the Singapore Institute of Purchasing and Materials Management (SIPMM), for the manufacturing sector plummeted in July, as did the PMI for electronics. However, both remained within expansive terrain.

The manufacturing PMI stood at 50.1 in July, slightly down from 50.3 in June but remaining above the 50-point threshold that separates the expansion from the contraction of 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, marking the 24th consecutive month of expansion for the sector.

Commenting on the readings, Sophia Poh, vice president of SIPMM, noted:

“The latest PMI readings marked the start of the second half with slightly bleak prospects for manufacturers. The sector continues to face headwinds globally as high inflation has hit nearly all advanced economies. This further exacerbates the costly disruption of global supply chains due to the pandemic, as well as the protracted uncertainties resulting from the Russia-Ukraine conflict. “

FocusEconomics Consensus Forecast panel members predict manufacturing production will increase 5.9% in 2022, which is a 0.7 percentage point increase from last month’s estimate, and will grow 2.5% in 2023.