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Financial News: Singapore Industrial Production Decreases In February

Singapore Industrial Production Decreases In February

03/26/2020 - 01:45:00 (RTTNews)

(RTTNews) - Singapore industrial production fell in February after rising in the previous month, data from the Economic Development Board showed on Thursday.

Industrial production decreased 1.1 percent year-on-year in February, after a 3.5 percent increase in January. Economists had forecast a 2.0 percent fall.

Excluding biomedical manufacturing, industrial output fell 2.5 percent in February.

Among clusters, precision engineering expanded 26.2 percent annually in February and general manufacturing grew 16.1 percent. Transport engineering increased 10.9 percent and those of biomedical manufacturing and chemicals rose by 6.4 percent and 5.4 percent, respectively.

Meanwhile, electronics output declined 17.3 percent.

On a monthly basis, industrial production decreased 22.3 percent in February, after a 18.7 percent rise in the prior month. Output was expected to fall of 11.5 percent.

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