Electronics sector's solid showing spurs factory activity in S'pore

Economists say PMI data for March bodes well for second-quarter growth prospects

- Colin Tan

After a stumble in February, factory activity in Singapore regained its balance in March, buoyed by the electronics sector which turned in its best performance since mid-2022.

The purchasing managers' index (PMI), a barometer of the manufacturing sector, nudged upwards to 50.7 points in March, from 50.6 points a month earlier, data released by the Singapore Institute of Purchasing and Materials Management on April 2 showed.

Meanwhile, the PMI for electronics, a key sector of manufacturing, rose by 0.4 point to 50.8 points, from 50.4 points recorded in the month before. Readings above 50 points denote growth, whereas those below 50 indicate contraction.

The overall expansion in manufacturing for a seventh month in a row - was underpinned by faster growth across most indexes, including new orders, new exports, output, input purchases, finished goods and order backlog.