SINGAPORE, May 2 (Xinhua) -- Singapore Institute of Purchasing and Materials Management (SIPMM) announced on Wednesday the country's purchasing managers' index (PMI), an early indicator of manufacturing activity, decline 0.1 points from 53 in March to 52.9 in April.
It marks the 20th month of consecutive expansion of Singapore's manufacturing sector.
Meanwhile, the PMI of Singapore's electronics industry dipped from 52.4 to 52.2, marking the 21st month of consecutive expansion of Singapore's electronics industry.
A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction.
According to the SIPMM, the declines in PMI readings were attributed mainly to slower growth in new orders and new exports, as well as output. But the institute added the April readings remained close to the year-to-date highs of 53.1 and 52.9 seen in this January, suggesting that manufacturing momentum is not facing a sharp moderation.
Selena Ling, Head of Treasury Research & Strategy of OCBC Bank, said the slight deline in Singapore's PMI in April was largely in line with regional manufacturing PMIs which also softened slightly.
Looking forward, Ling said Singapore's PMI and Gross Domestic Product (GDP) growth pace will ease to around 6.3 percent year on year and 3.8 percent year on year respectively in the second quarter of 2018, after a strong start in the first quarter where they expanded around 10.1 percent and 4.3 percent year on year.
"For the full-year 2018," she said. "We are looking for manufacturing growth momentum to be around 4.5 percent year on year, with GDP growth anchored around the 3 percent handle."
