Manufacturing production in Singapore declined by 3.1 percent year-on-year in January 2019, following a downwardly revised 1.7 percent gain in the previous month and compared with market consensus of a 3 percent drop. It was the first fall in manufacturing output since December 2017, amid decreases in production of electronics (-13.7 pct vs 11.5 pct in December); and precision engineering (-15.7 percent vs -7 percent). In addition, output growth slowed for biomedical manufacturing (10 pct vs 29.8 pct); and transport engineering (20.2 pct vs 27.7 pct). On the other hand, output rebounded for chemicals (2 percent vs -1.7 percent) and general manufacturing industries (3.2 percent vs -5.9 percent). On a monthly basis, factory output rose 0.9 percent in January, below market expectations of a 2 percent gain and after a downwardly revised 5.2 percent decline in December. Industrial Production in Singapore averaged 7.02 percent from 1984 until 2019, 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 4.50 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 10.00 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.