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Chart of the Day: Here’s proof that Singapore’s industrial production is more than disappointing
Industrial production plummeted by 3.6%.
Singapore’s industrial production was expected to drop to begin with, but analysts didn’t expect it to drop by 3.6% in July, 3.3% more than what is expected.
According to a report by OCBC, this marked the second contraction reading this year, the first being February 2016.
Meanwhile, electronics saw a 2nd straight month of double-digit improvement, booking a 16.2% growth, led by the semiconductor subsector, which grew by 34%.
“Excluding biomedical, manufacturing output slumped 2.0% yoy (-4.8% mom sa) in July,” OCBC Research said.
3Q manufacturing also could contract 1.7%, OCBC noted, after the +1.1% yoy growth blip seen in 2Q16.
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