Economic Research | 28 August 2017 | |||
Singapore | ||||
Economic Update | ||||
Robust Semiconductor Activity Propels July IPI Singapore’s IPI surged 21% YoY in July, accelerating sharply from +12.7% the month before. The pick-up in growth was driven by higher semiconductor and precision engineering output. Meanwhile, pharmaceutical production slowed, capping some of the upside. Going forward, semiconductor output is projected to ease in the coming months following the launch of the Samsung Note 8 and the new iPhone. In addition, pharmaceutical production would continue to be weak due to the expiry of major patents, while demand for chemicals is set to slow down in line with softer export growth. Overall, we envisage for IPI growth to remain resilient in 3Q, before moderating towards the end of the year. Economist: Ng Kee Chou | +603 92802179 | ||||
To access our recent reports please click on the links below: 24 August 2017: July CPI Rises On Retail And Transport Improvements 18 August 2017: July NODX Slowed Slightly, E&E Rebounded 14 August 2017: 2Q GDP Revised Higher On Stronger Services Output 01 August 2017: Stronger Foreign Inflows Boost June M3 Growth 27 July 2017: June IPI Surges As Underperformers Rebound 25 July 2017: June CPI Rose 0.5% YoY; Consumer Sentiment Weak | ||||
Economics Team | ||||
Lim Chee Sing | Chief Economist | +603 9280 2153 | ||
Peck Boon Soon | Chief ASEAN Economist | +603 9280 2163 | ||
Vincent Loo Yeong Hong | Malaysia, Vietnam | +603 9280 2172 | ||
Ng Kee Chou | Singapore, Thailand | +603 9280 2179 | ||
Zhang Fan | China | +8621 6288 9611 | ||
Rizki Fajar | Indonesia, Philippines | +6221 2970 7065 | ||
Aris Nazman Maslan | Malaysia, Vietnam | +603 9280 2184 | ||
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