Singapore’s PMI March 2024

According to the latest data from the Singapore Institute of Purchasing and Materials Management, the country’s Purchasing Manager’s Index (PMI) expanded for the ninth consecutive month in March, exceeds 50.7 points, above the 50-point threshold that separates growth from contraction.

The PMI for electronics, a key subsector of manufacturing, which accounts for about a third of the city-state's manufacturing activity, grew for the seventh consecutive month, rising to 50.8 in March from February’s 50.4.

Positive advances across multiple categories, including an increase in new export orders, production output, and new orders, are responsible for the manufacturing sector's ongoing expansion in Singapore, as observed in March 2024.

In its latest outlook, the International Monetary Fund estimated Singapore GDP growth rate to be 2.1 per cent in 2024 and 2.3 per cent in 2025.

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 4.2 trillion, according to estimates for 2024.