October 2, 2017 / 1:06 PM / 9 months ago

Singapore September factory activity growth fastest in more than six years

REUTERS - Activity in Singapore’s manufacturing sector rose for the 11th consecutive month in September to hit a more than six year high, 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/Files

The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ Index (PMI) climbed to 52.0 from the previous month’s 51.8, the highest reading since April 2011 when the PMI was at 52.5.

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

“The latest reading can be attributed to a faster rate of expansion in all key indicators. The stocks of finished goods and input prices recorded slower rate of expansion,” the institute said in a statement.

The PMI for the electronics sector also rose the to its highest in more than six years, hitting 53.6 in September from 53.2 in the previous month.

This comes after Singapore’s factory output growth remained solid at 19.1 percent in August, on the back of electronics production.

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 Sam Holmes

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