Singapore’s manufacturing production soared by 16.4 percent year-on-year in February 2021, compared with market consensus of a 16.5 percent rise and accelerating from an upwardly revised 9.2 percent gain. This was the steepest growth in industrial production since November last year, reflecting a faster recovery in the economy from the coronavirus shocks. Output grew further for electronics (30.3% vs 21.9% in January), mostly led by semiconductors (36.5%); chemicals (2.5% vs 9.0%); precision engineering (15.0% vs 16.4%), of which machinery & systems (23.5%), while those of biomedical manufacturing rebounded sharply (23.9% vs -9.3%) mainly due to pharmaceuticals (16.7%). Meanwhile, production shrank for both general manufacturing industries (-5.5% vs 2.2%) and transport engineering (-24.2% vs -20.1%). On a monthly basis, manufacturing output unexpectedly rose by 1.6 percent, beating forecasts of a 2.9 percent drop and after a downwardly revised 4.3 percent gain in January. source: Singapore Economic Development Board
Industrial Production in Singapore averaged 6.86 percent from 1984 until 2021, 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 April of 2021.
Industrial Production in Singapore is expected to be 8.50 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 6.00 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 6.00 percent in 2022, according to our econometric models.