Singapore Industrial Production Grows Unexpectedly
Singapore’s industrial production increased unexpectedly in August, preliminary data from the Economic Development Board showed on Monday.
Industrial production rose 0.5 percent year-over-year in August, slower than the 0.8 percent gain in July. Meanwhile, economists had expected a 0.6 percent decline.
Moreover, the latest rate of growth was the weakest since the current trend of increase began in October last year.
Excluding biomedical manufacturing, industrial production decreased 1.2 percent yearly in August, reversing a 3.2 percent increase in the preceding month.
On a monthly basis, industrial production recovered 2.0 percent in August, following a 2.1 percent drop in July. That was above the expected increase of 1.5 percent.
Among industry clusters, transport engineering grew the most, by 32.8 percent annually in August. There was an increase of 42.8 percent in the marine and offshore engineering segment, supported by a higher level of work done in ship-repair and offshore projects.
Output advanced 18.8 percent in the general manufacturing segment in August from a year ago, and biomedical manufacturing output rose 11.1 percent. Precision engineering production gained 2.9 percent.
On the other hand, electronics output decreased 7.8 percent and chemical output logged a sharp fall of 11.2 percent.
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