| Consensus | Consensus Range | Actual | Previous | |
|---|---|---|---|---|
| Month over Month | -4.0% | -4.1% to -4.0% | -9.7% | 8.2% |
| Year over Year | -2.6% | -2.6% to -2.5% | -7.8% | 7.1% |
Highlights
Singapore industrial production weakened in August, with output falling 9.7 on the month after increasing 8.2 percent in July. Previously published PMI survey data moderate growth in Singapore's economy in August, with September PMI data scheduled for release next week.
In year-over-year terms, industrial production fell 7.8 percent in August after an increase of 7.1 percent in July. Output in the electronics industry, which accounts for nearly half of the sector, fell 4.8 percent after increasing 14.7 percent previously. Output in the volatile biomedical industry fell 37.3 percent after a previous increase of 0.2 percent. Excluding the biomedical industry, output fell 2.9 percent on the year in August after increasing 10.1 percent in July.
In year-over-year terms, industrial production fell 7.8 percent in August after an increase of 7.1 percent in July. Output in the electronics industry, which accounts for nearly half of the sector, fell 4.8 percent after increasing 14.7 percent previously. Output in the volatile biomedical industry fell 37.3 percent after a previous increase of 0.2 percent. Excluding the biomedical industry, output fell 2.9 percent on the year in August after increasing 10.1 percent in July.
Market Consensus Before Announcement
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Definition
The industrial production index measures changes in the volume of industrial production with respect to the base year. The index charts the growth in production of each major industry and of the manufacturing sector. Industrial Production measures the physical output of the nation's factories, mines and utilities. Factories manufacture various products, and the industrial production indexes have been prepared as a comprehensive indicator of wide-ranging production activities for such products and are regarded as some of the most important among economic indexes.
Description
Investors want to keep their finger on the pulse of the economy because it usually dictates how various types of investments will perform. The stock market likes to see healthy economic growth because that translates to higher corporate profits. The bond market prefers more subdued growth that won't lead to inflationary pressures. By tracking economic data such as industrial production, investors will know what the economic backdrop is for these markets and their portfolios.
Industrial production provides key industry data for export-dependent economies. It is highly sensitive to the business cycle and can often predict future changes in employment, earnings and income. For these reasons industrial production is considered a reliable leading indicator that conveys information about the overall health of the economy. This report has a big influence on market behavior. In any given month, one can see whether capital goods or consumer goods are growing more rapidly. Detailed data in the report shows which sectors of the economy are growing and which are not.
Industrial production provides key industry data for export-dependent economies. It is highly sensitive to the business cycle and can often predict future changes in employment, earnings and income. For these reasons industrial production is considered a reliable leading indicator that conveys information about the overall health of the economy. This report has a big influence on market behavior. In any given month, one can see whether capital goods or consumer goods are growing more rapidly. Detailed data in the report shows which sectors of the economy are growing and which are not.
