2 signs that Singapore IP expansion rally will continue

One research firm is quite bullish.

The purchasing managers index or PMI for new orders and new export orders are remaining above-50, which for Maybank Kim Eng, signals a positive short-term outlook for the IP sector that has been posting back-to-back monthly expansions since May.

Here's more from Maybank:

Industrial production (IP) expanded for the second month in a row in May 2013, albeit at a slower pace of +2.1% YoY (Apr 2013: +5.0% YoY). The positive momentum was sustained by further rise in electronics production (May 2013: +4.2% YoY; Apr 2013: +1.5% YoY) and biomedical output growth (May 2013: +22.8% YoY; Apr 2013: +41.9% YoY).

IP expansion of 3.6% YoY in Apr–May 2013 augurs well for 2Q 2013 GDP after the economy eked out a +0.2% YoY growth in 1Q 2013 amid the -6.9% contraction in IP during the quarter. Short term outlook for IP remains positive as the purchasing managers index (PMI) for new orders (May 2013: 53.1; Apr 2013: 51.5) and new export orders (May 2013: 52.9; Apr 2013: 50.6) maintain above-50 readings.

We maintained our +2.3% real GDP growth forecast for 2013 (2012: +1.3%).

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