The manufacturing sector in the ASEAN area expanded for the eighteenth consecutive month in March, according to a private poll by S&P Global.
Purchasing managers in the region saw a drop to 51.5 from February’s reading, with March’s reading coming in at 51.
According to S&P Global, this is due to four of the seven countries that make up ASEAN are seeing stronger-than-expected economic growth. Myanmar is at the forefront of this trend, marking the first time it has arisen in 32 months. In March, the PMI for the country reached a new all-time high of 55.5.
Both Thailand and the Philippines rounded out the region’s top three performers in March, posting PMI readings of 53.1 and 52.5 respectively. With a PMI of 47.7 in March, Vietnam ranked very last among all countries.
