Singapore’s manufacturing shrank in February at the fastest pace in more than five years, reflecting the disruption caused by the outbreak of the acute respiratory disease caused by the SARS-CoV-2 (COVID-19).
The Singapore Purchasing Managers' Index fell 1.6 points in February, the biggest drop in a month since August 2014. (Photo: )
Singapore (VNA) – Singapore’s manufacturing shrank in February at the fastestpace in more than five years, reflecting the disruption caused by the outbreakof the acute respiratory disease caused by the SARS-CoV-2 (COVID-19).
The SingaporePurchasing Managers' Index (PMI) fell 1.6 points in February, the biggest dropin a month since August 2014, according to data from the Singapore Institute ofPurchasing and Materials Management (SIPMM).
The decline was led by the electronics sector which had expanded inJanuary for the first time after languishing in contraction territory for 14straight months.
Theelectronics PMI fell 2.5 points from the previous month to 47.6, the lowestsince December 2012. The decline was also the biggest in a month since October2012.
This is thefirst set of data to show the true extent of the hit the economy might takefrom the outbreak.
Key componentsof the Singapore PMI - new orders, new exports, factory output, inventory andemployment - all declined, reversing the gains in the final months of 2019.
Imports, inputprices, supply deliveries and order backlog also snapped out of the recoverymode. The finished goods index posted a slower rate of expansion.
The Governmentlast month lowered its GDP growth forecast, raising the possibility of thefirst full-year recession in about two decades.
The dip inSingapore's manufacturing activity follows reports from around the world thisweek showing factories taking a beating from the outbreak.
Activity inChina shrank at a record pace. US manufacturing activity also slowed inFebruary as new orders contracted. Japan's factory activity was hit by thesharpest contraction in nearly four years.
Manufacturingin the Republic of Korea (RoK) shrank at a faster pace./.
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The Singapore Purchasing Managers' Index fell 1.6 points in February, the biggest drop in a month since August 2014. (Photo: ) 
