This marks the biggest drop in the PMI reading since the 0.7 drop to 44.7 in April 2020, following the lockdowns imposed globally to curb the spread of the coronavirus.
Singapore’s manufacturing contained in positive terrain albeit edging down for the first time in two years in the second month of 2022, no thanks to seasonal factors and escalating tensions between Ukraine and Russia.
Data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) showed that the republic’s Purchasing Managers’ Index (PMI) came in at 50.2 in February, down 0.4 points from the previous month’s 50.6 reading.
