Financial News: Singapore Industrial Production Declines 3.9%

Singapore Industrial Production Declines 3.9%

07/26/2024 - 03:10:00 (RTTNews)

(RTTNews) - Singapore's industrial production decreased unexpectedly in June after recovering in the previous month, preliminary data from the Economic Development Board revealed on Friday.

Industrial production dropped 3.9 percent year-on-year in June, reversing a 2.3 percent rise in May. Meanwhile, output was expected to remain flat.

Excluding bio-medical manufacturing, industrial production dropped 1.6 percent annually in June versus a 9.5 percent surge in the prior month.

On a monthly basis, industrial production fell 3.8 percent after rising 0.5 percent in May.

Among the major clusters, the bio-medical manufacturing segment declined the most by 23.2 percent annually in June, and electronics output showed a decrease of 5.5 percent. Meanwhile, transport engineering output grew sharply by 10.3 percent.

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