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Financial News: Singapore Industrial Production Drops In October

Singapore Industrial Production Drops In October

11/26/2020 - 06:47:00 (RTTNews)

(RTTNews) - Singapore industrial production dropped in October, data from the Economic Development Board showed on Thursday.

Industrial output dropped 0.9 percent yearly in October, after a 25.6 percent rise in September. Economists had forecast an annual growth of 6.2 percent.

Excluding biomedical manufacturing, output fell 2.7 percent annually in October, after a 10.0 percent increase in the previous month.

On a monthly basis, industrial production declined a seasonally adjusted 19.0 percent in October, after a 10.5 percent growth in the preceding month. Economists had expected a fall of 11.9 percent.

Production of biomedical manufacturing grew 10.2 percent in October and those of precision engineering gained 10.6 percent.

Meanwhile, output of general manufacturing decreased 12.8 percent and transport engineering declined by 31.8 percent. Production of chemicals output and electronics fell by 0.8 percent and 0.6 percent, respectively.

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