Manufacturing production in Singapore declined by 0.4 percent year-on-year in July 2019, after an upwardly revised 8.1 percent fall in the previous month and compared to market consensus of a 4.9 percent decrease. It was the fifth straight month of yearly decline in factory output, with both output of electronics (-0.9 percent vs -18.2 percent in June) and transport engineering (-0.2 percent vs -15 percent) falling much softer. At the same time, production rebounded for both chemicals (2.2 percent vs -3.3 percent) and general manufacturing industries (6.9 percent vs -0.8 percent). Meanwhile, production grew further for biomedical manufacturing (0.8 percent vs 5.4 percent). On a monthly basis, manufacturing production rose unexpectedly by 3.6 percent in July, beating estimates of a 1.8 percent drop and swinging from a revised 0.3 percent fall in June. Industrial Production in Singapore averaged 6.90 percent from 1984 until 2019, reaching an all time high of 58.60 percent in May of 2010 and a record low of -32.20 percent in March of 2009.
Industrial Production in Singapore is expected to be 2.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Singapore to stand at 3.00 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 6.00 percent in 2020, according to our econometric models.