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Financial News: Singapore Industrial Production Decline Slows In December

Singapore Industrial Production Decline Slows In December

01/24/2020 - 01:50:00 (RTTNews)

(RTTNews) - Singapore industrial production declined at a slower pace in December, data from the Economic Development Board showed on Friday.

Industrial production decreased 0.7 percent year-on-year in December, following an 8.9 percent drop in November. Economists had forecast a 0.6 percent fall.

Excluding biomedical manufacturing, industrial output fell 3.2 percent in December, following a 9.6 percent fall in November.

Among clusters, general manufacturing contracted 10.0 percent annually in December and those of transport engineering and chemicals fell 14.1 percent and 5.2 percent, respectively.

Meanwhile, biomedical manufacturing grew 10.3 percent and those of precision engineering, and electronics output rose by 7.0 percent 0.2 percent, respectively.

On a monthly basis, industrial production increased 4.1 percent in December, after an 8.4 percent fall a month ago. Output was expected to rose 3.9 percent.

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