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Financial News: Singapore Manufacturing Output Falls First Time In 13

Singapore Manufacturing Output Falls First Time In 13 Months

02/26/2019 - 05:08:00 (RTTNews)

(RTTNews) - Singapore's industrial production dropped for the first time in over a year during January, data from the Economic Development Board showed on Tuesday.

Manufacturing output fell 3.1 percent year-on-year following a 1.7 percent increase in December. Economists had forecast a 3.1 percent fall.

The latest decline was the first since December 2017, when production fell 2.4 percent.

On a month-on-month basis, factory output rose a seasonally adjusted 0.9 percent in January after a 5.2 percent decline in the previous month.

Economists were looking for a 1.5 percent gain.

Excluding bio-medical, manufacturing output fell for a second month, down 5.9 percent from a year ago and eased 0.4 percent from previous month.

Among different clusters, precision engineering and electronic clusters dropped, while the rest of the manufacturing clusters expanded.

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