Friday, October 27, 2017

FW: RHB | Singapore | IPI Remains On An Easing Trend

 

 

 

 

Economic Research

27 October 2017

Singapore

 

Economic Update

 

 

 

IPI Remains On An Easing Trend 

 

Singapore’s IPI moderated to +14.6% YoY in September, dragged by softening semiconductor and pharmaceutical production as well as a sharp decline in transport engineering activities. Excluding biomedical manufacturing, Singapore’s IPI grew 16.1% YoY in September, retreating from an 18.2% increase the month before.

Going forward, IPI is expected to slow in the coming months, undermined by production issues for the iPhone X and a high base effect in 4Q16. Further, demand from US consumers may taper on account of the disruption in economic growth brought on by the slew of hurricanes that have hit the nation in recent months. We maintain our forecast for IPI to grow 8.3% in 2017, compared to +3.6% in 2016. Manufacturing activity is expected to increase 6.3% next year.

 

Economist:  Ng Kee Chou | +603 92802179

 

 

To access our recent reports please click on the links below:

16 October 2017: MAS Stoic Despite Sharp 3Q GDP Rise

02 October 2017: Loan Growth Picked Up Despite Softening M3

27 September 2017 : IPI Slows Despite Pharmaceutical Rebound

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

 

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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