Turned positive in May after 20 months below growth threshold
The Manufacturing Purchasing Managers’ Index (PMI) increased to 50.2 in May (Apr: 49.0), marking the first expansion since July 2022
- The turnaround in the PMI was largely driven by the improvement in job creation, production and new businesses.
Production marginally expanded backed by improved demand conditions
- New demand orders led by improved external demand following higher export orders boosted the PMI to nudge above the negative threshold.
- Nonetheless, the purchasing levels remained subdued as firms were cautious in their inventory holdings. Subsequently, this has contributed to the further moderation in the purchase of inventories for the year.
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