Singapore Manufacturing Activity Keeps Growth Momentum
Singapore's pace of manufacturing activity accelerated in November with the local purchasing managers' index rising to a new eight-year high.
Overall manufacturing PMI rose to 52.9 last month from 52.6 in October, the Singapore Institute of Purchasing & Materials Management said Monday.
The PMI, which was the highest since December 2009, was the 15th consecutive reading above 50. A reading above 50 indicates expansion.
The institute said almost all indicators improved in November and the latest readings "suggest a continuing growth of the manufacturing sectors into the next year."
The PMI for electronics rose to 53.5 in November from 53.3 in October, the data showed.
Anecdotal evidence in the survey showed that most electronics manufacturers are optimistic of continued growth of their businesses into the next year, the institute said.
An upturn in the global technology cycle has fueled strong growth in Singapore's electronics production and exports this year. However, the central bank predicts production in electronics to level off next year while some average-performing industries may fare better.
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(END) Dow Jones Newswires
December 04, 2017 08:14 ET (13:14 GMT)