Singapore's SIPMM Manufacturing PMI dropped to 50.7 in January of 2019, the lowest since November 2016, from 51.1 in the previous month. The growth has been slowing down since reaching a peak in January 2018. Slower increases were seen in new orders and new exports, output, inventories, as well as employment. The electronics sector PMI extended its decline with a marginal dip of 0.2 points to 49.6 – it was the third consecutive month of contraction. Manufacturing PMI in Singapore averaged 50.60 from 2012 until 2019, reaching an all time high of 53.10 in January of 2018 and a record low of 48.30 in October of 2012.
Manufacturing PMI in Singapore is expected to be 51.40 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Singapore to stand at 51.70 in 12 months time. In the long-term, the Singapore Manufacturing PMI is projected to trend around 50.20 in 2020, according to our econometric models.