Singapore: Industrial Production expanded above estimates in December – UOB

Alvin Liew, Economist at UOB Group, reviews the latest Industrial Prodcution results in Singapore.

Key Takeaways

“Singapore’s industrial production (IP) ended 2022 with a surprise +3.2% m/m SA increase in Dec. Nevertheless, this still translated into a contraction of -3.1% y/y in Dec. Excluding the volatile biomedical manufacturing, IP actually expanded by 6.8% m/m, +0.3% y/y in Dec (from a revised -7.0% m/m, -5.8% y/y in Nov).”