Broker Name: CGS International Securities
Date of Report: March 26, 2026
Excerpt from CGS International Securities report.
Report Summary
- Singapore’s Industrial Production Index (IPI) declined slightly in February 2026, mainly due to festive season shutdowns and a sharp drop in biomedical manufacturing.
- Electronics manufacturing showed strong growth, driven by robust demand for AI-related products, while five out of six clusters saw declines.
- Manufacturing PMI and Electronics PMI stayed in expansionary territory, indicating resilience despite external risks.
- Geopolitical uncertainties, especially the US-Iran conflict, could potentially impact supply chains, input costs, and external demand.
- CGS International maintains a positive outlook for Singapore’s manufacturing output in 2026, forecasting 5.0% growth, supported by ongoing strength in AI and data centre demand.
- Biomedical manufacturing remains volatile due to production cycles, while electronics and precision engineering are expected to benefit from structural technology demand.
- Macroeconomic indicators for Singapore and the region are provided, including forecasts for GDP growth, inflation, unemployment, fiscal balance, and current account.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com
