Singapore’s manufacturing production tumbled by 8.4% yoy in July 2020, worse than market consensus of a 5.7% fall and after a downwardly revised 6.5% drop in June. It was the third straight month of yearly decline in factory output, and the steepest decrease since last November as production dropped more for transport engineering (-39.8% vs -37.4% in June); general manufacturing industries (-22.2% vs -13.1%), while production of electronics fell by 1.4%, after increasing 17.8% in June, mostly led by computer peripherals & data storage (-20.8%). Also, output continued to fall for biomedical manufacturing (-24.8% vs -30.1%), mainly due to pharmaceuticals (-30.5%); and chemicals (-2.4% vs -11.7%), mainly dragged by petroleum (-16.0%). In addition, output of precision engineering increased less (9.3% vs 10.2%), of which machinery & systems (20.4%). On a monthly basis, production went up by 1.6%, far below market estimates of a 6% gain and after an upwardly revised 0.6% gain in June.
Industrial Production in Singapore averaged 6.73 percent from 1984 until 2020, reaching an all time high of 58.60 percent in May of 2010 and a record low of -32.30 percent in March of 2009. This page provides the latest reported value for - Singapore Industrial Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Singapore Manufacturing Production - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Singapore Economic Development Board
Industrial Production in Singapore is expected to be 0.80 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 4.00 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 6.00 percent in 2021, according to our econometric models.