Singapore: Positive prospects for Industrial Production – UOB

Pablo Piovano FXStreet

Economist at UOB Group Barnabas Gan reviews the prospects for the Industrial Production in Singapore for the current year.

Key Quotes

“Singapore’s industrial production surprised market estimates with a 7.6% y/y surge in March 2021.”

“On the back of a surge in global demand for semiconductor chips, Singapore’s electronic output expanded 33.7% in March 2021, the fastest growth in three months.”

“The output of chemicals rose 9.5% y/y in March 2021, marking its fastest pace of growth in three months.”

“The higher-than-expected growth in March’s industrial production will likely lift Singapore’s GDP growth in the first quarter of 2021.”

“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, coupled with brewing geopolitical tensions, may inject downside risks to our outlook should these factors be exacerbated.”

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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