The electronics component of Singapore’s Purchasing Managers Index rose above 50 for the first time in 14 months, signaling a stronger recovery in an industry that makes up almost a third of manufacturing in the city state. While output has been expanding in recent months, mainly due to strong growth in semiconductors, exports of computers and other electronics have continued to contract. The improvement in the PMI may be driven by some inventory build-up in expectation of better global demand in coming months and is a good omen for output in the third quarter, according to Weiwen Ng, an economist with Australia & New Zealand Banking Group.
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