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SINGAPORE: Singapore's manufacturing activity shrank in August after expanding for 15 straight months, in a sign of the expected slowdown in the country's economic growth.
Singapore's purchasing managers' index (PMI) fell 2.8 points from July to 49.4 in August, the Singapore Institute of Purchasing & Materials Management said in a statement on Thursday.
A reading above 50 indicates an expansion in manufacturing activity, while a reading below 50 indicates contraction.
The PMI for electronics, a key export item for the Singapore's trade-driven economy, fell 5.1 points to 50.6 in August, according to the statement. The measure had risen 5.2 points in July.
The PMI for new orders slipped 3.2 points to 48.8 in August, below the 50-point mark for the first time in 16 months, the statement said.
Singapore's economy expanded a blistering 18.8% in the second quarter from a year earlier, accelerating from 16.9% in the first quarter. The government expects the economy to grow 13%-15% for the full year.
The PMI data is often seen by economists as a proxy for economic growth.
- CNA/ir
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