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UOB: It is expected that Singapore's industrial production will rebound in 2024, but the outlook for 2025 remains uncertain.
According to the Singapore Economic Development Board, Singapore's manufacturing output in November increased by 8.5% year-on-year, higher than October's 1.2%. UOB estimates that Singapore's industrial production will rebound from the manufacturing recession of 2023, with an expected growth of about 4.0% in 2024. Looking ahead to 2025, UOB economists indicate that the outlook for Singapore's industrial production in 2025 remains uncertain. They stated that further protectionist measures by the Trump administration, geopolitical tensions, the possibility of the electronics export cycle peaking, and the uncertainties surrounding the monetary policy easing of major Global central banks may all contribute.
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