Singapore PMI July 2022

The Purchasing Managers’ Indices (PMI) prepared by the Singapore Institute of Purchasing and Materials Management (SIPMM) for the manufacturing sector fell in July, as did the electronics PMI. However, both remained within expansionist territory.

The July manufacturing PMI was 50.1, slightly below June’s 50.3, but remains above the 50-point threshold that separates growth from contraction in the sector. The readings marked the 25th consecutive month of growth in the manufacturing sector.

Meanwhile, the electronics PMI fell to 50.5 in July from 50.8 in June, marking the sector’s 24th straight month of growth.

Commenting on the testimony, Sophia Poh, vice president of SIPMM, said:

“The latest PMI data signals the start of the second half of the year due to a somewhat bleak outlook for manufacturers. The sector continues to face global headwinds as high inflation affects almost all advanced economies. This further exacerbates the costly disruptions to global supply chains due to the pandemic, as well as the lingering uncertainty surrounding the Russia-Ukraine conflict.”

FocusEconomics Consensus Forecast experts expect output to rise 5.9% in 2022, up 0.7 percentage points from last month’s estimate, and grow 2.5% in 2023.