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Economic Research
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27 February 2017
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Singapore
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Economic
Update
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Singapore’s
IPI grew 2.2% YoY in January, slowing sharply from its 22.1% surge in the
month before. The moderation in growth was driven by softer – but still
robust – expansion in the semiconductor segment, as well as steep declines in
the output of the pharmaceutical and general manufacturing industries.
Going
forward, we maintain our projection for Singapore’s manufacturing output to
grow 4% in 2017, picking up from +3.6% last year. This would be underpinned
by:
i.
Higher external
demand from synchronised G3 (US, Europe and Japan) fiscal stimulus and
firming US economic growth;
ii.
Improving growth in
ASEAN economies, supported by stabilising commodity prices;
iii. Stronger demand for semiconductors both globally
and domestically. This is as the Government moves ahead with its Smart Nation
initiatives.
Economist: Ng Kee Chou | +603 92802179
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Monday, February 27, 2017
IPI Slowed, Precision Engineering Bounce a Good Sign
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