Singapore’s industrial output expanded 8.5% in May: StanChart

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Standard Chartered released a report on Wednesday, revealing buoyant industrial production for May with an average expansion of 8.5% yoy and a 3.3.% expansion this month, slightly lower than the 4.6% increase in April.

According to SC, the May PMI of 50.8 showed that promising new orders continue to support production, and chemicals, pharmaceuticals, and machinery equipment will likely continue to support industrial production. Non-domestic oil exports have not performed as well, registering negative prints for 3 out of 5 months in 2014.

Manufacturing is expected to boost 2014 GDP growth to 4.4% from 3.9% last year.

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