Manufacturing production in Singapore increased unexpectedly by 0.1 percent year-on-year in April 2019, beating market consensus of a 3.5 percent fall and reversing from a downwardly revised 4.3 percent drop in the previous month. Output rebounded for chemicals (1.9 percent vs -2.6 percent in March) and fell less for electronics (-0.6 percent vs -15.1 percent); and precision engineering (-0.4 percent vs -11.4 percent). On the other hand, production of biomedical manufacturing slowed (11.2 percent vs 13.3 percent) and output dropped for transport engineering (-1.1 percent vs 2.8 percent); and general manufacturing industries (-1.1 percent vs 6.5 percent). On a monthly basis, industrial production rose by 2.4 percent in April, defying estimates of a 1.3 percent drop and rebounding from a marginally revised 2.5 percent fall in March. Industrial Production in Singapore averaged 6.97 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 6.80 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 13.00 percent in 2020, according to our econometric models.