September 4, 2017 / 1:08 PM / 7 months ago

Singapore August factory activity expands at best pace in nearly three years - PMI

Activity in Singapore factories expanded at its fastest pace in almost three years, buoyed by expansion in new orders, new exports and factory output, a survey showed on Monday.

A general view of factories in the industrial district of Jurong in western Singapore April 4, 2016. REUTERS/Edgar Su/File Photo

The Singapore Institute of Purchasing and Materials Management’s Purchasing Managers’ Index (PMI) climbed to 51.8 from July’s 51.0, reaching the highest level since November 2014.

A reading below 50 suggests contraction, while one above that level points to expansion.

The institute’s index has been above 50.0 every month since November.

“The latest readings indicated sustained growth in the manufacturing sector since August last year,” the institute said.

The PMI for the electronics sector rose to 53.2 in August from 52.2 the previous month.

Singapore has been among a number of export-reliant Asian economies to benefit from a general uptick in global demand since late last year, enjoying strong sales of its tech products.

Reporting by Fathin Ungku; Editing by Richard Borsuk

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