Manufacturing production in Singapore declined by 6.9 percent year-on-year in June 2019, after a downwardly revised 2 percent fall in the previous month and compared to market consensus of a 7.9 percent decrease. It was the fourth straight decline in factory output and the steepest since December 2015, as output dropped for transport engineering (-14.2 percent vs 3.4 percent in May) and chemicals (-3.3 percent vs 0.4 percent). Also, production of electronics fell further (-18.8 percent vs -10.8 percent; and biomedical manufacturing output growth slowed markedly (5 percent vs 9.8 percent). Meantime, production of general manufacturing industries advanced at a faster pace (10.8 percent vs 3.8 percent) and output rebounded for precision engineering (0.3 percent vs -3 percent). On a monthly basis, factory output rose 1.2 percent in June, after a downwardly revised 0.1 percent decrease in May and easily beating forecasts of a 0.7 percent fall. Industrial Production in Singapore averaged 6.92 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 2.60 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 3.00 in 12 months time. In the long-term, the Singapore Manufacturing Production is projected to trend around 6.00 percent in 2020, according to our econometric models.