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Industrial production likely showed better performance in August
Electronics production grew 8.3% year-to-date.
The Singapore Economic Development Board will release August industrial production (IP) data on 26 September. Standard Chartered forecast that August IP rose by 2.7% y/y after slumping 3.6% in July, thanks to electronics production
According to Standard Chartered, electronics production has been performing positively,growing 8.3% YTD and increasing strongly in the past two months.
Furthermore, the August electronics PMI new export orders were a robust 50.8 versus 49.5 in the prior month.
The research firm however notes that beyond the electronics segment, it maintains a cautious outlook.
"Biomedical manufacturing has contracted sharply in the past two months, despite strong YTD growth of 8.9%. Chemicals production, transport engineering and general manufacturing may have remained weak in the month," it said in a report
Although it expects a positive y/y print, Standard Chartered believes that IP growth is likely to have remained subdued amid weak global demand.
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