S'pore industry grows slower

S'pore industry grows slower

SINGAPORE: A key manufacturing index on Friday showed Singapore's industrial sector grew at a slower pace in October due to lower orders.

The forward-looking Purchasing Managers' Index (PMI) fell to 51.5 points in October from 53.2 points in September, the Singapore Institute of Purchasing and Materials Management said.

However, the index stayed above the crucial 50-point level which indicates the industrial sector was still in expansion mode.

Any reading below 50 points indicates the sector is declining.

"The decline of the overall PMI was attributed to lower new orders and new export orders, as well as a lower level of inventory and input prices," the institute said in a statement. -- AFP