Monday, May 28, 2018

FW: RHB | Singapore | Stronger April IPI Growth, In Line With Exports





Economic Research

28 May 2018



Economic Update




Stronger April IPI Growth, In Line With Exports   


u Singapore’s IPI accelerated to 9.1% YoY in April (Bloomberg consensus: +8%, March: +6.1%). By manufacturing clusters, growth was driven by a rebound in biomedical and a pickup in chemicals and transport engineering output.

u Excluding the volatile biomedical cluster, IPI still gained pace to 9.3% YoY during the month, from +8.9% in March.

u Going forward, we expect IPI to ease to +7.6% in 2018, from +10.1% in 2017 as semiconductor production is projected to ease with demand for smartphones entering a late cycle.



Vincent Loo Yeong Hong   | +603 9280 2172



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

24 May: GDP Above Initial Estimate

23 May: April’s Inflation Still Soft

17 May: NODX Rebounds In April On Pharma Exports

30 Apr: M3 Eases In March, Loans Stay On Upward Trend

26 Apr: IPI: Stellar Semicon Growth But Weakness Persists

23 Apr: March Inflation Eases To 0.2% YoY


Economics Team

Arup Raha

Group Chief Economist

+65 6232 3896

Peck Boon Soon

Chief ASEAN Economist

+603 9280 2163

Vincent Loo Yeong Hong

Malaysia, Singapore

+603 9280 2172

Ahmad Nazmi Idrus


+603 9280 2179

Aris Nazman Maslan

Thailand, Philippines , Vietnam

+603 9280 2184






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