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Financial News: Singapore Industrial Production Falls In July

Singapore Industrial Production Falls In July

08/26/2020 - 03:39:00 (RTTNews)

(RTTNews) - Singapore industrial production declined at a faster-than-expected rate in July, data from the Economic Development Board showed on Tuesday.

Industrial production decreased 8.4 percent year-on-year in July, following a 6.5 percent decline in June. Economists had forecast a 5.7 percent fall.

Excluding biomedical manufacturing, industrial output fell 5.2 percent annually in July, after a 2.2 percent rise in the prior month.

Among clusters, transport engineering logged the biggest fall of 39.8 percent yearly in July and biomedical manufacturing output declined 24.8 percent.

General manufacturing decreased 22.2 percent and chemicals production fell 2.4 percent.

Electronics decreased 1.4 percent, while precision engineering grew 9.3 percent.

On a monthly basis, industrial production rose 1.6 percent in July, following a 0.6 percent increase in the prior month. Output was expected to rise 6.0 percent.

Excluding biomedical output, production grew 10.0 percent monthly after a 0.5 percent fall in June.

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