fxs_header_sponsor_anchor

News

Singapore: Outlook for Industrial Production remains firm – UOB

Economist at UOB. Group Barnabas Gan assesses the latest results from the manufacturing sector in Singapore.

Key Quotes

“Singapore’s industrial production expanded 2.1% y/y (+1.0% m/m sa) in April 2021, in line with our call for a 2.3% y/y growth (+2.3% m/m sa). Excluding biomedical manufacturing, industrial production rose 11.1% y/y in the same month. Accounting for April’s performance, Singapore’s industrial production grew 8.4% in the first four months of 2021.”

“Similar to the momentum seen since the start of the year, the surge in global demand for semiconductor chips supported Singapore’s electronic and precision engineering clusters.”

“The output of chemicals accelerated further to clock 14.4% y/y growth in April 2021 (up from +9.5% y/y in March), marking its fastest pace of growth since November 2015.”

“On the back of global growth and a positive external environment, we expect Singapore’s electronic and precision engineering clusters to support the overall manufacturing sector.”

“All-in-all, we keep our industrial production growth outlook of 5.5% in 2021. The risk to our outlook appears to be balanced; upside risks to our outlook will include a quickerthan-expected rollout of the COVID-19 vaccine, resulting in an accelerated recovery back to pre-COVID-19 levels. On the other hand, uncertainties surrounding COVID-19 given the introduction of new virulent variants in other parts of the world may inject downside risks to our outlook.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.