Singapore’s manufacturing production grew by 8.6 percent year-on-year in January 2021, beating market consensus of a 5.7 percent gain and after an upwardly revised 16.2 percent surge a month earlier. This was the third straight month of increase in industrial production as the economy recovered further from the COVID-19 crisis. Output advanced further for electronics (19.8% vs 14.8% in December), mostly led by semiconductors (23.8%); chemicals (9% vs 12.4%); precision engineering (15.3% vs 10.7%), of which machinery & systems (20.2%); and manufacturing industries (3.3% vs 3.5%). On the flip side, output continued to fall for both biomedical manufacturing (-8.6% vs -5.3%), mainly due to pharmaceuticals (-16.7%); and transport engineering (-19.0% vs -31.4%). On a monthly basis, manufacturing output rose by 4.8 percent, below forecasts of a 5.5 percent gain and after a downwardly revised 1.4 percent rise in December. source: Singapore Economic Development Board
Industrial Production in Singapore averaged 6.83 percent from 1984 until 2021, 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 March of 2021.
Industrial Production in Singapore is expected to be 8.50 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 6.00 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 6.00 percent in 2022, according to our econometric models.