FW: RHB | Singapore | IPI Slows Despite Pharmaceutical Rebound

 

 

 

 

Economic Research			27 September 2017
Singapore
Economic Update
IPI Slows Despite Pharmaceutical Rebound   Singapore’s IPI rose 19.1% YoY in August, tapering from its 21.2% surge the month before. The moderation in growth was driven by softening semiconductor and precision engineering growth. Meanwhile, pharmaceutical production rebounded strongly, cushioning some of the downside. Excluding biomedical manufacturing, Singapore’s IPI grew 17.8% YoY in August, retreating from a 25.3% bounce the month before. Despite the latest outturn, the IPI trend remains positive, as even the weaker clusters – general manufacturing industries, and printing – appear to be turning the corner. Going forward, we raise our forecast for IPI to grow 8.3% in 2017, compared to +3.6% in 2016. We expect IPI growth to remain resilient in 3Q, before moderating from a higher 2016 base in 4Q.   Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 26 September 2017: August CPI Remained Muted 19 September 2017: August NODX Surged On Semiconductor, PC Demand 5 September 2017: Loan Growth Softened In Financial, Commerce Sectors 28 August 2017: Robust Semiconductor Activity Propels July IPI 24 August 2017: July CPI Rises On Retail And Transport Improvements 18 August 2017: July NODX Slowed Slightly, E&E Rebounded
Economics Team
Peck Boon Soon	Chief ASEAN Economist	bspeck@rhbgroup.com		+603 9280 2163
Vincent Loo Yeong Hong	Malaysia, Vietnam	vincent.loo@rhgroup.com		+603 9280 2172
Ng Kee Chou	Singapore, Thailand	ng.kee.chou@rhbgroup.com		+603 9280 2179
Rizki Fajar	Indonesia, Philippines	rizki.fajar@rhbgroup.com		+6221 2970 7065
Aris Nazman Maslan	Malaysia, Vietnam	mohd.aris.nazman@rhbgroup.com		+603 9280 2184

 

 

 

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