Singapore’s manufacturing production dropped by 1.1 percent year-on-year in February 2020, after rising an upwardly revised 3.5 percent in the previous month and compared with market estimates of a 2 percent fall. Electronics output declined further (-17.3% vs -6.1% in January), of which semiconductors (-18.7% vs -6.3%) and computer peripherals & data storage (-17.4% vs -14.4%). Additionally, biomedical manufacturing output growth slowed (6.4% vs 41.3%), namely pharmaceuticals (5.3% vs 59.5%). Meanwhile, chemicals production rebounded (5.2% vs -5.6%), mostly due to precision engineering (26.2% vs 14%), transport engineering (10.9% vs -8.5%) and general manufacturing industries (16.1% vs -10.5%). On a monthly basis, industrial production tumbled 22.3 percent in February, after an upwardly revised 18.7 percent gain in January, its sharpest decline on record, amid the coronavirus pandemic that halted the country's business activities and heavily disrupted supply-chain.
Industrial Production in Singapore averaged 6.78 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 April of 2020. source: Singapore Economic Development Board
Industrial Production in Singapore is expected to be 1.50 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 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.