Singapore's manufacturing production unexpectedly rose by 0.5% yoy in August 2022, beating market consensus of a 0.6% drop and following a 0.8% gain in July. While growing for the 11th straight month, the latest print was the softest pace in the sequence, amid the impact of the COVID-19 hit. Growth was mainly supported by the output of biomedical manufacturing (11.1% vs -10.5% in July), led by pharmaceuticals; transport engineering (32.8% vs 19.2%), driven by marine & offshore, and aerospace; general manufacturing (18.8% vs 15.1%), due to food, beverages, and miscellaneous; and precision engineering (2.9% vs 13.7%), linked to machinery. By contrast, production fell for both electronics (-7.8% vs -5.9%), linked to semiconductors, other electronic modules, and communications; and chemicals (-11.2% vs 5.7%), attributed to petrochemicals, specialties, and others. On a monthly basis, manufacturing output grew by 2.0%, the first increase in three months, and was above consensus of 1.5%. source: Singapore Economic Development Board
Industrial Production in Singapore averaged 7 percent from 1984 until 2022, 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 2022.
Industrial Production in Singapore is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Manufacturing Production is projected to trend around 2.00 percent in 2023 and 3.00 percent in 2024, according to our econometric models.