Industrial production crashes past consensus estimates with 3.6% decline in February

Manufacturing headwinds mean lower growth ahead.

Singapore’s industrial production (IP) registered a 3.6% year-on-year decline in February, markedly worse than the 1.3% growth in January and way behind consensus estimates of a 2.2% contraction.

UOB noted that this month’s figure was partially distorted by Lunar New Year celebrations, as fewer working days meant that production values could not keep up at the same phase.

Excluding the Lunar New Year effect, IP still fell by a cumulative 1.1% year-on-year in the January to February period.
UOB warned that there are several headwinds ahead for the manufacturing sector, which could spell lower growth for 2015.

These headwinds include weak economic conditions in the Eurozone and Japan, low global oil prices and the persistently tight labour market.

“With today’s weaker-than-expected IP numbers, we are revising our 2015 IP growth forecast to 1.3%, from 3.5% earlier. That will also move our 2015 GDP growth forecast lower to 2.9%, from 3.3% earlier,” stated UOB.

Also Read

Singapore ranks second in global economic freedom

Economists forecast modest NODX growth for Singapore in 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit