Singapore factory activity shrinks, forecast of contraction remains

Economist Liew said UOB maintains its forecast for Singapore’s manufacturing to contract by 5.4% in 2023, as most of the sub-indices within the Singapore PMIs remained in contraction territory.

SINGAPORE: Manufacturing activity posted a slight contraction in March, following February’s flat growth and five months of contraction prior.

Factory activity logged 49.9 on the purchasing managers’ index (PMI) – a key indicator of trends, where a reading of over 50 indicates expansion, while one below points to contraction. The PMI was 0.1 point higher at 50 in February.