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Financial News: Singapore Industrial Production Falls 2.7%

Singapore Industrial Production Falls 2.7%

02/24/2023 - 02:31:00 (RTTNews)

(RTTNews) - Singapore's industrial production declined for the fourth straight month in January, largely due to a slump in the general manufacturing and chemical output, data from the Economic Development Board revealed on Friday.

Industrial production dropped 2.7 percent year-on-year in January, following a 2.6 percent fall in December. Meanwhile, economists had expected a recovery of 2.9 percent.

Excluding bio-medical manufacturing, industrial production slid 6.3 percent annually in January, after a 0.3 percent rebound in the previous month.

On a monthly basis, industrial production climbed 1.1 percent in January, reversing a 2.9 percent increase in the prior month.

Among major clusters, production in the general manufacturing industries fell the most, by 18.3 percent annually in January, as the food, beverages and tobacco, printing and miscellaneous industries segments declined sharply at the start of the year.

The chemical cluster logged a decline in output of 13.0 percent, led by output slump in the specialties segment and other chemicals on the back of weak market demand as well as fewer production days due to the Lunar New Year festive period.

There was a 2.9 percent fall in electronics output in January compared to last year.

At the same time, bio-medical manufacturing output alone surged 23.2 percent, and that of transport engineering rose 4.7 percent.

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