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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