Tough Times Ahead For Manufacturing

BMI View: Manufacturing will still endure a difficult 2008 despite its 10.0% y-o-y output growth in February, as demand for electronics continues to languish. On a seasonally adjusted basis, manufacturing production actually fell in February by 2.3% m-o-m, indicating that the revised 10.8% m-o-m increase in January was a temporary respite for industry. As a result, Singapore's vital export industry is unlikely to pick up before H208, especially as the US drifts towards recession.

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