September IPI Surged On Pharmaceuticals And Semiconductor Gains

Economic Research	27 October 2016
Singapore
Economic Highlights
September IPI Surged On Pharmaceuticals And Semiconductor Gains Singapore’s industrial production index (IPI) climbed 6.7% y-o-y in September, rising sharply from a 0.5% gain the month before. The strong uptick in growth was driven largely by higher output of pharmaceuticals and semiconductors. Excluding biomedical manufacturing, the IPI would have expanded 3.5% y-o-y in September, improving moderately from its 2.9% rise a month ago In light of the stronger-than-expected outturn and weak 4Q15 base effects, we raise our projection for the IPI to a gain of 1.0% in 2016, from -1.5% earlier, anticipating small gains for the remainder of the year. Economist:  Ng Kee Chou | +603 92802179
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