Manufacturing production in Singapore declined by 2.4 percent year-on-year in May 2019, compared with market consensus of a 2.2 percent drop and reversing from a 0.1 percent gain in the previous month. Output shrank for electronics (-10.8 percent vs -0.6 percent in April), precision engineering (-4.7 percent vs -7.8 percent) and chemicals (-0.4 percent vs 2.1 percent). In contrast, production grew faster for biomedical manufacturing (8.8 percent vs 8.2 percent), and it rebounded for general manufacturing industries (4.9 percent vs -0.2 percent) and transport engineering (2.9 percent vs -0.9 percent). On a monthly basis, factory output fell 0.7 percent in May, swinging from a downwardly revised 2.1 percent rise in April while market had estimated a 0.8 percent fall. Industrial Production in Singapore averaged 6.95 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 -1.70 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 3.50 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.