Singapore’s PMI February 2023

According to the latest data from the Singapore Institute of Purchasing and Materials Management, the purchasing manager’s index (PMI) for Singapore registered a rise for the first time in 5 months, up 0.2 points to 50 in February. A reading above 50 indicates expansion, while a reading below reflects contraction.

The improved PMI reading was attributed to an improvement in the new orders index, an expansion in the factory output index, and a slower contraction in the new exports index.

The electronic sector PMI scored 49.3, an improved reading compared to the 49.1 scored in January. The rebound was attributed to a slower contraction in the key indexes of new orders, new exports, factory output, and inventory.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 3.6 trillion, according to estimates for 2022.