In May, industrial production contracted 17.5% over the same month last year. The subdued print represented the second consecutive drop (April: -9.5% year-on-year) and surprised the market on the downside, as analysts expected a less pronounced 9.3% decline. The weaker-than-expected reading was mainly the result of lower output of the highly volatile biomedical manufacturing sector (May: -42.1% year-on-year) which, according to the Economic Development Board (EBD), was ?due to a different mix of active pharmaceutical ingredients being produced.? A month-on-month comparison corroborates the deterioration suggested by the annual figures, as manufacturing output dropped a seasonally adjusted 3.8% over April. Moreover, the trend continues to point downwards, with annual average growth plummeting from the 18.9% in April to 12.1% in May.
Manufacturing output declines sharply in May
June 24, 2011
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Singapore Economic News
October 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.