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Financial News: Singapore Industrial Output Grows Most In 4 Months

Singapore Industrial Output Grows Most In 4 Months

03/26/2024 - 03:32:00 (RTTNews)

(RTTNews) - Singapore's industrial production expanded for the second straight month in February, largely on the back of strong growth in the biomedical and transport engineering clusters, data from the Economic Development Board revealed on Tuesday.

Industrial production rose 3.8 percent year-on-year in February, faster than the 0.6 percent rebound in January.

Further, this was the biggest growth since October 2023, when production had risen 6.8 percent.

Excluding bio-medical manufacturing, industrial production grew 1.4 percent annually in February after a 4.7 percent gain in the previous month.

On a monthly basis, industrial production recovered sharply by 14.2 percent in February, after a 6.7 percent drop in the prior month.

Among the major clusters, production in the biomedical engineering segment increased the most by 27.4 percent annually in February, followed by transport engineering with a 19.6 percent surge.

Meanwhile, precision engineering output showed a sharp fall of 19.9 percent, and electronics output increased only by 2.6 percent.

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