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Financial News: Singapore Industrial Production Falls More Than Forecast

Singapore Industrial Production Falls More Than Forecast

09/26/2019 - 02:28:00 (RTTNews)

(RTTNews) - Singapore's industrial production declined at a faster-than-expected rate in August, data from the Economic Development Board showed on Thursday.

Manufacturing output dropped 8.0 percent year-on-year in August, following a 0.1 percent fall in July. Economists had expected a 0.6 percent decline.

On a month-on-month basis, manufacturing output decreased a seasonally adjusted 7.5 percent in August, reversing a 3.6 percent increase in the previous month. Economists had expected a fall of 0.5 percent.

Excluding bio-medical manufacturing, output fell 12.4 percent from a year ago and declined 12.1 percent from the previous month.

The general manufacturing, biomedical manufacturing, chemicals and transport engineering logged output growth, while the rest of the manufacturing clusters contracted from last year.

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