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Financial News: Singapore Industrial Output Falls Further

Singapore Industrial Output Falls Further

05/24/2024 - 02:40:00 (RTTNews)

(RTTNews) - Singapore's industrial production declined for the second straight month in April, though at a slower pace compared to the previous month, data from the Economic Development Board revealed on Friday.

Industrial production declined 1.6 percent year-on-year in April, following a 9.2 percent plunge in March. The expected fall was 0.7 percent.

Excluding bio-medical manufacturing, industrial production advanced 1.7 percent annually in April, in contrast to a 5.7 percent decline in the prior month.

On a monthly basis, industrial production rebounded sharply by 7.1 percent in April, versus a 16.1 percent slump in March.

Among the major clusters, production in the biomedical engineering segment declined the most by 29.1 percent annually in April, and electronics output showed a drop of 1.1 percent.

Meanwhile, output produced in the transport engineering segment logged a strong growth of 10.6 percent, and general manufacturing output was 7.3 percent higher.

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