Manufacturing production in Singapore rose by 0.7 percent year-on-year in February 2019, rebounding from a downwardly revised 0.4 percent fall in the previous month and beating market expectations of a flat reading. Output increased further for biomedical manufacturing (13.3 pct vs 10.3 pct in January); and chemicals (2 pct vs 1.7 pct). Additionally, production declined at a softer pace for both electronics (-1.1 pct vs -4 pct); and precision engineering (-14.9 pct vs -16.8 pct). On the other hand, output growth slowed in transport engineering (4.2 pct vs 10.4 pct); and general manufacturing industries (4.1 pct vs 4.6 pct). On a monthly basis, factory output declined by 4.1 percent in February, after an upwardly revised 3.1 percent gain in January and compared to market consensus of a 2 percent decrease. Industrial Production in Singapore averaged 7.01 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 5.50 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.