Singapore IP to have contracted in January-February
Singapore will release February industrial production (IP) data on 26 March.Standard Chartered says... We expect IP to have fallen 5.4% y/y, following a 0.9% increase in January; this translates into a 2.2% y/y drop in J…
Singapore will release February industrial production (IP) data on 26 March.
Standard Chartered says...
We expect IP to have fallen 5.4% y/y, following a 0.9% increase in January; this translates into a 2.2% y/y drop in January-February owing to an unfavourable base effect, as IP grew 8% y/y in the same period last year.
Production growth likely remained lacklustre across many sectors, including electronics, chemicals, and transport engineering.
External demand was also weak, as non-oil domestic exports fell 2.4% y/y in JanuaryFebruary.
We expect IP growth to improve gradually over the course of 2015, but believe soft performance will weigh on GDP growth in the near term.
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