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To economists, the expansionary nature of the two metrics spells good news despite the slowdown in momentum. UOB economist Barnabas Gan for one says that the moderation in February’s PMI could be due to seasonal factors such as the Chinese New Year holidays which may have affected manufacturing export and labour demand. Even so, he says that the fact that the metrics remain expansionary, indicates that Singapore’s industrial production is likely to grow further. To prove his point, Gan points out that both import and export PMI readings have been hovering above 50 since 3Q2020 ended last September. This shows that Singapore’s external environment has continued to improve, he adds.