Healthy rebound for April industrial production seen
A bank expects industrial production to have rebounded to more than 14% yoy growth from March’s dismal figure.
Standard Chartered Bank said in a statement that the figure is likely to arrive at 14.2% Singapore from -3.4% in March.
Singapore will release April industrial production data on 25 May.
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The bank said the rebound was likely led by biomedical engineering production.
“Excluding the biomedical component, we expect industrial production to have expanded 4.7% YoY, from -3.3% a month earlier,” according to the analyst.
Industrial production was also likely supported by a more favourable base effect and encouraging non-oil domestic-export growth (NODX), which expanded 8.3% y/y.
Electronics production likely continued to improve from last month‟s 15.9% contraction, but probably remained in negative territory, the bank said.
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