Singapore's SIPMM Manufacturing PMI dropped to 51.1 in December 2018 from 51.5 in the previous month. It signals the fourth consecutive slowdown in factory activity growth and the fastest since July 2017. Slower increases were seen in new orders and new exports, output, inventories, as well as employment level. The electronics sector PMI extended its decline with a marginal dip of 0.1 points to 49.8 – its lowest print since July 2016 and the second consecutive month of contraction.This was attributed to a first-ever decline in factory output, while the electronics imports index posted its first contraction after recording continuous growth since April 2016. Manufacturing PMI in Singapore averaged 50.60 from 2012 until 2018, 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.