Singapore’s manufacturing production unexpectedly slumped by 7.4 percent year-on-year in May 2020, missing market consensus of a 6.6 percent rise and after an upwardly revised 13.6 percent jump in April. It was the first decline in manufacturing output in 3 months and the steepest fall since November last year. Production decreased for precision engineering (-5.3% vs 10% in April), of which precision modules & components (-23%); electronics (-1.0% vs 1.3%), mostly led by computer peripherals & data storage (-23.5%); chemicals (-13.5% vs -6.8%), mainly driven by petroleum (-19%) and others (-21.8%); transport engineering (-40.7% vs -25%); and general manufacturing industries (-26.9% vs -21%). In addition, output of biomedical manufacturing rose softer (5.9% vs 100.8%), mainly due to pharmaceuticals (14.7% ). On a monthly basis, production plunged by 16.5 percent, worse than estimates of a 6 percent drop and after a revised 0.5 percent fall in April.
Industrial Production in Singapore averaged 6.79 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 July of 2020. source: Singapore Economic Development Board
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 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.