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UOB Group’s Economist Barnabas Gan reviews the latest set of data in Singapore.

Key Quotes

“Singapore’s manufacturing Purchasing Managers’ Index (PMI) reported by SIPMM registered a smaller rate of expansion in February 2021 at 50.5, compared to 50.7 in the previous month”¦ The latest PMI data saw the first month-on-month decline, after two straight months of gain. Still, it remained above 50 points for its 8th straight month, suggesting that the optimism has continued to outweigh.”

“We keep our 2021 manufacturing growth outlook at +3.0% y/y. The risk to our outlook appears to be balanced; upside risks to our outlook will include a quickerthan-expected rollout of the COVID-19 vaccine, resulting in an accelerated recovery back to pre-COVID-19 levels. On the other hand, uncertainties surrounding COVID-19 amidst the recent rise in geopolitical tensions may inject downside risks to our outlook.”