Singapore’s manufacturing production surged by 13.7% yoy in August 2020, beating market consensus of a 4.6% rise and after a revised 7.6% plunge in July. It was the first yearly increase in factory output in four months, and the strongest growth since March as production rebounded sharply for production of electronics (44.2% vs -0.1% in July), mostly led by semi conductors (56.9%); biomedical manufacturing (8.4% vs -24.3%), mainly due to medical technology (19.3%); and chemicals (3.1% vs -2.4%), mainly driven by petrochemicals (7.8%). In addition, output contracted less for both transport engineering (-36.0% vs -38.8%) and general manufacturing industries (-18.6% vs -22.4%). Meanwhile, output of precision engineering continued to rise (9.4% vs 9.9%), of which machinery & systems (17.0%). On a monthly basis, production jumped by 13.9%, the most since March, far above market estimates of a 2.6% gain, and after an upwardly revised 2.3% rise in July.
Industrial Production in Singapore averaged 6.75 percent from 1984 until 2020, reaching an all time high of 58.60 percent in May of 2010 and a record low of -32.30 percent in March of 2009. This page provides the latest reported value for - Singapore Industrial Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Singapore Manufacturing Production - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Singapore Economic Development Board
Industrial Production in Singapore is expected to be 0.80 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 4.00 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 6.00 percent in 2021, according to our econometric models.