Mar 17, 2011
12:00:00 PM
| Last Updated
Singapore’s industrial production (IP) grew an estimated 7.1% y/y in February, slowing from a 10.6% pace in January and pulling the three-month moving average (3MMA) down to 8.9%, its lowest level since December 2009. High base effects will drag the y/y growth number down for most of 2011, while we expect to see a reduction in the volatility of m/m growth rates as a new, post-crisis (and post-recovery) production cycle takes hold. As we speculated in last week’s Asia Focus, and as was corroborated by today’s export data release, nonelectronics are taking on a bigger share of[...]
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