Slow industrial production to drag down manufacturing full-year growth: analyst
Industrial production slowed down to 2.7% in August 2022.
As there is a sluggish growth in industrial production, RHB said it expects that manufacturing growth in 2022 will decline to 4.0%.
Whilst Singapore posted strong tourism revival and retail sales, the analyst said the industry will be much more “lacklustre.”
RHB said the industrial production continues to move at a slow pace as it shrunk 2.7% in August, which it said it was the lowest since December 2020.
“Even as sequential growth was at a seasonally-adjusted pace of 2.0% in August, risks surrounding the slowdown in semiconductor demand had dragged precision engineering output,” said RHB in its brokerage report.
Chemicals output also declined, which stemmed from plant maintenance closures.
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