Singapore: Industrial Production remains solid – UOB

Pablo Piovano FXStreet

UOB Group’s Economist Barnabas Gan reviews the latest data from Singapore.

Key Takeaways

“Singapore’s industrial production expanded 15.6% y/y (+4.3% m/m sa) in Dec 2021, surprising market estimates for a milder growth of 12.0% y/y (+0.9% m/m sa). Excluding biomedical manufacturing, industrial production rose 5.0% y/y. Accounting for the latest data, Singapore’s industrial production grew 13.2% for the whole of 2021.”

“Given the strong manufacturing showing in 4Q21, Singapore’s 4Q21 and 2021 GDP growth may likely be revised higher. Full-year GDP growth is expected to be upgraded to 7.3% (from MTI’s advance estimates of 7.2%) in 2021, while 4Q21 GDP growth may be adjusted upwards to 6.2% y/y (from 5.9% y/y).”

“Into 2022, we keep to our view that Singapore manufacturing prognosis remains favourable especially given the strong numbers seen to-date. Our outlook is for full-year manufacturing to grow by an average of 4.0% in 2022. This suggests that despite the high-base growth rate seen in 2021, global trade activity is expected to stay buoyant in the new year.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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