Singapore: Manufacturing outlook remains weak – UOB – by pabspiovano Singapore IndustrialProduction Banks Manufacturing
Senior Economist Alvin Liew at UOB Group assesses the latest results from Industrial Production in Singapore.in Apr, affirming the weak manufacturing outlook. IP contracted by -1.9% m/m, -6.9% y/y in Apr, worse than Bloomberg’s median forecast of +0.1% m/m, -4.5% y/y and our forecasts of -0.7% m/m SA, -3.9% y/y. Meanwhile, the March IP was revised higher to 9.7% m/m, -3.8% y/y . Excluding the volatile biomedical manufacturing, IP actually rose by 2.
“IP Outlook – While we are heartened by the continued growth in the transport engineering components of aerospace and marine & offshore, the latest Apr IP print continues to affirm our downbeat manufacturing outlook due to the worsening electronics downcycle and weaker external demand. We maintain our forecast for Singapore 2023 manufacturing to contract by 5.4%.’Information on these pages contains forward-looking statements that involve risks and uncertainties.
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