Singapore's manufacturing industry expanded in June, the second time in as many months, with a boost from pharma output. The Purchasing Managers' Index, a leading indicator of manufacturing activity, turned positive in May for the first time in nine months, standing at 51.2. The trend continued in June, with a reading of 51.1. A reading above 50 indicates expansion, according to an announcement from Contact Singapore, an alliance of the Singapore Economic Development Board and Ministry of Manpower.
"The biomedical manufacturing sector expanded 120.4 percent year on year in May, thanks to a 138.6 percent leap in pharmaceutical output," the announcement says. A switch to higher-value patented drug compounds following U.S. approvals drove the increase, with help from a low base last May.
Electronics and aerospace manufacturing were also drivers.
- here's the release