The way he sees it, “the writing is on the wall” for a softer manufacturing prognosis given the current headwinds against trade demand. “As seen in September’s non-oil domestic export (NODX) numbers, NODX in real terms, stripping out price effects, contracted 3.5% y-o-y, posting its seventh decline in the past eight months,” says the economist.
RHB senior economist Barnabas Gan is expecting industrial production momentum to stay soft in 4Q2022, and has downgraded his manufacturing outlook to 3.0% in 2022 from 4.0% previously.
Singapore’s industrial production expanded 0.9% y-o-y in September, “disappointing” Bloomberg’s growth estimate of 1.2%, says Gan.
