Bangkok, Nov. 4, (dpa/GNA) – Factory managers in Singapore reported a nine-month high output in October, according to a survey, with manufacturing, services and construction seeing their biggest pick-ups since January.
The IHS Markit Singapore Purchasing Managers’ Index (PMI), which is based on a survey of 400 managers, rose from 45.1 in September to 48.6, marking the highest reading since before the impact of the novel coronavirus pandemic and related restrictions.
In response to a surge in virus cases among foreign workers, Singapore imposed a near two-month “circuit breaker” lockdown from April to June, with the restrictions contributing to record 13.3-per-cent fall in gross domestic product in the second quarter.
The economy grew by 7.9 per cent in the third quarter after many restrictions were eased and shuttered businesses permitted to reopen. Exports in September were up 5.9 per cent.
IHS Markit said on Wednesday that “the gradual reopening of parts of the economy continued to benefit the recovery in Singapore’s private sector economy during October.”
GNA