Manufacturing production in Singapore increased by 7.6 percent year-on-year in November 2018, faster than an upwardly revised 5.5 percent rise in a month earlier and way above market estimates of a 2.3 percent gain. It was the steepest increase in manufacturing output since June, as production advanced markedly for biomedical manufacturing (18.5 pct vs 13.1 pct in October). In addition, output rebounded for electronics (11.2 pct vs -0.3 pct) and chemicals (3.4 pct vs -1.1 pct). On the other hand, output growth slowed for transport engineering (11.3 pct vs 30.4 pct) while fell for precision engineering (-8.2 percent vs 1.7 percent); and general manufacturing (-0.8 percent vs 1.9 pct). On a monthly basis, factory output grew 2.8 percent, compared to an upwardly revised 2.4 percent gain in October and beating consensus of a 1.6 percent gain. Industrial Production in Singapore averaged 7.06 percent from 1984 until 2018, 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 3.70 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 7.60 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 13.00 percent in 2020, according to our econometric models.