SINGAPORE, May 2 (Reuters) - Activity in Singapore factories expanded at a slightly slower pace in April, as the hot electronics sector cooled, a survey showed on Wednesday.
The Singapore Institute of Purchasing & Materials Management’s Purchasing Managers’ Index (PMI) SGPMI=ECI fell to 52.9 from the previous month’s 53.0.
A reading above 50 suggests expansion, while one below that level points to contraction. The last time the institute’s PMI index was below 50 was August 2016.
April’s marginally lower PMI reading “was mainly attributed to a slower growth in new orders and new exports, and a slightly slower factory output,” the institute said in a statement.
The PMI for the electronics sector was 52.2 in April, down from 52.4 the previous month.
In March, Singapore’s annual manufacturing output growth slowed from February. Growth in electronics output is expected to moderate this year.
Reporting by Fathin Ungku; Editing by Richard Borsuk