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Financial News: Singapore Industrial Production Declines In November

Singapore Industrial Production Declines In November

12/26/2019 - 00:44:00 (RTTNews)

(RTTNews) - Singapore industrial production declined notably in November on weak electronics and pharmaceutical output, data from the Economic Development Board showed Thursday.

Industrial production decreased 9.3 percent year-on-year in November, reversing a 3.6 percent drop in October. Economists had forecast a marginal 0.4 percent fall.

Excluding biomedical manufacturing, industrial output was down 9 percent versus a 0.3 percent fall in October.

Among clusters, the electronic cluster showed a sharp reduction of 20.9 percent annually, followed by a 10.3 percent drop in biomedical manufacturing. Chemical output dropped 10 percent and general manufacturing contracted 1.5 percent. Meanwhile, precision engineering and transport engineering grew 9.7 percent and 2.1 percent, respectively.

On a monthly basis, industrial production decreased 9.4 percent, in contrast to a 3 percent rise a month ago. Output was expected to ease 0.3 percent.

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