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Financial News: Singapore Industrial Production Falls Unexpectedly In June

Singapore Industrial Production Falls Unexpectedly In June

07/24/2020 - 02:30:00 (RTTNews)

(RTTNews) - Singapore industrial production declined unexpectedly in June, data from the Economic Development Board showed on Friday.

Industrial production decreased 6.7 percent year-on-year in June, after a 8.1 percent decline in May. Economists had forecast a 0.8 percent rise.

Excluding biomedical manufacturing, industrial output rose 2.1 percent annually in June, after a 10.3 percent fall in the prior month.

Among clusters, transport engineering logged the biggest fall of 33.9 percent yearly in June and biomedical manufacturing output declined 30.6 percent. General manufacturing decreased 13.9 percent and chemicals production fell 12.1 percent.

Meanwhile, electronics and precision engineering grew by 17.3 percent and 9.1 percent, respectively.

On a monthly basis, industrial production rose 0.2 percent in June, after a 15.8 percent fall in the prior month. Output was expected to rise 10.3 percent.

Excluding biomedical output, production fell 0.8 percent monthly after a 6.2 percent slump in May.

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