Activity in Singapore factories including the key electronics sector contracted in July, a survey showed on Monday, as uneven global growth hurt the trade-dependent economy.
The Singapore Institute of Purchasing & Materials Management's Purchasing Managers' index (PMI) fell to 49.7 in July. A reading below 50 indicates shrinkage, while one above that level points to expansion.
The overall PMI had shown expansion in the two previous months, with readings of 50.4 in June and 50.2 in May.
The electronics sector's PMI fell to 49.5 in July from 50.3 in June. In May, it was 49.8.
Manufacturing is a key driver of Singapore's exports. But the city-state's manufacturing sector has been underperforming those of other Asian economies such as South Korea and Taiwan due to fierce competition and a lack of popular high-tech products such as smartphones.
Slowing economies in China and elsewhere have already been denting Singapore. The city-state's economy in the second quarter contracted, while industrial production in June fell more than expected.
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The Singapore Institute of Purchasing & Materials Management's Purchasing Managers' index (PMI) fell to 49.7 in July. A reading below 50 indicates shrinkage, while one above that level points to expansion.
The overall PMI had shown expansion in the two previous months, with readings of 50.4 in June and 50.2 in May.
The electronics sector's PMI fell to 49.5 in July from 50.3 in June. In May, it was 49.8.
Manufacturing is a key driver of Singapore's exports. But the city-state's manufacturing sector has been underperforming those of other Asian economies such as South Korea and Taiwan due to fierce competition and a lack of popular high-tech products such as smartphones.
Slowing economies in China and elsewhere have already been denting Singapore. The city-state's economy in the second quarter contracted, while industrial production in June fell more than expected.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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