Singapore: Industrial sector remains healthy – UOB – by pabspiovano Singapore IndustrialProduction Banks Manufacturing
Senior Economist Alvin Liew at UOB Group reviews the latest industrial production results in Singapore.“Singapore’s industrial production rebounded with a 9.3% m/m SA expansion in Mar, from a downwardly revised -12.5% m/m decline in Feb. This translated to a markedly smaller decline of -4.2% y/y in Mar, from the -9.7% y/y contraction in Feb. Both measures were better than Bloomberg’s median forecast of +6.2% m/m, -6.1% y/y and much better than our forecasts of -12.6% m/m SA, -24.8% y/y.
“Based on advance estimates released by Ministry of Trade and Industry on 14 Apr, Singapore’s economy grew by just 0.1% y/y in 1Q 2023 with growth being dragged down by the manufacturing sector while services and construction activity supported. However, based on the Mar IP report, the manufacturing sector is likely to have contracted by a smaller -5.6% y/y in 1Q. Assuming no major changes to the other sectors, we now expect 1Q GDP growth to be revised slightly higher by 0.1 ppt to 0.
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