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Manufacturing Sector Expanded for the 18th Consecutive Month in February

Written by: Bridgewest

Manufacturing is the most important sector of Singapore’s economy, a fact that was confirmed once more by the Purchasing Managers’ Index (PMI) at the end of February. Moreover, manufacturing registered one of the best performances in the last decade: it was the 8th consecutive year in which the PMI had a consecutive monthly increase at the beginning of the year. Our Singapore company formation specialists can help foreign investors who want to open a company in Singapore in the manufacturing industry.

The Singapore PMI grew up to 52.7 points in February

It is a known fact that Singapore’s economic power comes from the good performance of the manufacturing industry’s branches, which is how the record growth is explained by economists. The electronics sector was one of the main drivers of the manufacturing industry in the first month of the year, with higher numbers of orders and output.

February was also the 18th consecutive month in which this industry expanded when considering the PMI’s reading above the threshold of 50 points. This reading also indicates that the economy is on the rise thanks to the good performance of the Singapore manufacturing industry.

Manufacturing has many branches and foreign investors interested in investing here can rely on our company registration agents in Singapore for assistance in choosing the right type of entity in accordance with their needs.

Employment and exports in the attention of those who want to open a company in Singapore

Even if January was one of the best months of the electronics sector, in February it registered a slight decrease; however, imports, employment, exports and the higher input prices compensated for this slowdown.

The manufacturing sector was also strongly supported by the impressive industrial production which registered a 17.9% growth on a yearly basis.

For this year, the Singapore manufacturing industry is expected to keep growing at a ‘healthy’ pace of  6.7%, while in 2019 another 4.9% growth is expected.

Foreign enterprisers who want to start businesses in the manufacturing industry will be interested to known that the government has enabled various assistance schemes, including the Industry Transformation Map, through which companies in this field can benefit from many incentives. Please feel free to contact us our team of Singapore company formation agents if you want to open a company in Singapore in the manufacturing sector.

 

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