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.
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.