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Financial News: Singapore Industrial Production Growth Eases More Than For

Singapore Industrial Production Growth Eases More Than Forecast

07/26/2022 - 02:48:00 (RTTNews)

(RTTNews) - Singapore's industrial production growth eased sharply at the end of the second quarter, and at a faster-than-expected pace, preliminary data from the Economic Development Board showed on Tuesday.

Industrial production rose 2.2 percent year-over-year in June, much slower than the 10.4 percent gain in May. Economists had expected the growth to moderate to 6.0 percent.

Excluding biomedical manufacturing, industrial production advanced by 4.2 percent yearly in June, after a 13.4 percent increase in the preceding month.

On a monthly basis, industrial production fell sharply by 8.5 percent from May, when it expanded by 9.2 percent. The expected fall was 6.3 percent. Among industry clusters, transport engineering grew the most, by 32.0 percent annually in June. There was an increase of 44.0 percent in the marine and offshore engineering segment due to higher levels of ship-repair and offshore work.

Output expanded 10.1 percent in the general manufacturing segment in June from a year ago, and precision engineering output rose 5.6 percent.

Electronics output registered an increase of 2.3 percent, as the infocomms and consumer electronics, and computer peripherals and data storage segments recorded more output volumes.

At the same time, output produced in the chemical sector contracted 11.0 percent, and that of bio medical manufacturing declined 9.2 percent, led by a 24.9 percent plunge in the pharmaceutical segment.

However, the medical technology segment grew 14.3 percent with higher demand for medical devices from the US and China.

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