Economist at UOB Group Barnabas Gan assesses the latest industrial production figures in Singapore.

Key Takeaways

“Singapore’s October industrial production expanded 16.9% y/y (+2.4% m/m sa), bucking the previous month’s contraction of 2.2% y/y (-1.9% m/m sa) … Excluding biomedical manufacturing, industrial production rose 9.7% y/y. Accounting for the latest data, Singapore’s industrial production grew 12.8% year-to-date.”

“The expansion was underpinned by a broad uptick in all key sectors.”

“Similarly, a mix of low base effects and a stronger production momentum has also benefited the transport engineering, chemicals and general manufacturing clusters.”

“Given the strong performance in Singapore’s industrial production in the first ten months of 2021, we upgrade our full-year manufacturing growth to 12.0% y/y, where we pencil industrial production growth at 9.3% y/y and 7.1% y/y in November and December 2021 respectively.”