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Financial News: Singapore Industrial Production Accelerates In May

Singapore Industrial Production Accelerates In May

06/25/2021 - 02:37:00 (RTTNews)

(RTTNews) - Singapore's industrial production accelerated in May, data from the Economic Development Board showed on Friday.

Industrial output surged 30.0 percent year-on-year in May, following a 2.3 percent rise in March. Production was forecast to increase 23.6 percent.

Excluding biomedical manufacturing, industrial production grew 29.0 percent yearly in May, following a 11.3 percent rise in the preceding month.

On a monthly basis, industrial production rose 7.2 percent in May, after a 0.4 percent decline in the previous month. Economists had expected a 0.9 percent fall.

Precision engineering output accelerated 58.6 percent annually in May and transport engineering gained 44.0 percent. General manufacturing output grew 27.8 percent and biomedical manufacturing increased 35.6 percent.

Production of electronics surged 23.2 percent and that of chemicals rose 16.2 percent.

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