Manufacturing activity in Singapore remained in expansionary territory for the 21st straight month, with the latest reading in May at 52.7. However, the reading was a dip of 0.2 point from the previous month. A reading above 50 indicates growth, while one below points to contraction.

The latest PMI reading was attributed to slower growth in factory output, as well as slightly slower growth in new orders, new exports, inventory and employment.

The slower growth was in line with economists' expectations that there will be an easing off from the highs seen last year.

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