Singapore’s manufacturing output unexpectedly tumbled by 9.3 percent year-on-year in November 2019, defying market expectations of a 0.8 rise and after a downwardly revised 3.6 percent gain in the previous month. This was the first decline in industrial production in 3 months, and the steepest yearly drop since December 2015, as output fell for electronics (-20.9 pct vs 0.9 pct in October); general manufacturing industries (-1.5 pct vs 3.8 pct); biomedical manufacturing (-10.3 pct vs 24.1 pct), while chemicals production dropped faster (-10.0 pct vs -9.4 pct). On the other hand, transport engineering production rebounded (2.1 percent vs -4.9percent) while precision engineering output rose faster (9.7 percent vs 3.6 percent). On a monthly basis, manufacturing production unexpectedly plunged 9.4 percent in November, compared to consensus of a 1.1 percent gain and following a downwardly revised 3.0 percent advance in October. Industrial Production in Singapore averaged 6.82 percent from 1984 until 2019, 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. source: Singapore Economic Development Board
Industrial Production in Singapore is expected to be 1.50 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 0.80 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.