TOKYO – Singapore's private sector economy grew at a subdued pace in July, suggesting that the momentum is slowing for the second half of the year.
The Nikkei Singapore Purchasing Managers' Index, or PMI, fell to 53.0 in July from 56.0 in June, marking the weakest reading so far this year.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
The less upbeat reading reflects sluggish export sales, weaker jobs growth, and a slower pace of inventory buildup.
"After a solid first half of the year, the Nikkei PMI data showed a loss of growth momentum in Singapore's private sector economy in July," said Bernard Aw, principal economist at IHS Markit, which compiles the survey.
"Survey indices also suggest that the stellar performance in the first half may not repeat in the second half of 2018," Aw said.
IHS Markit expects Singapore's economic growth to moderate to around 2% in the second half, down from 4.1% in the first half amid a winding down of the electronics cycle.
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