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Financial News: Singapore Industrial Production Growth Eases In July

Singapore Industrial Production Growth Eases In July

08/26/2022 - 03:22:00 (RTTNews)

(RTTNews) - Singapore's industrial production increased at a softer pace in July, preliminary data from the Economic Development Board showed on Friday.

Industrial production rose 0.6 percent year-over-year in July, after a 2.6 percent growth in June. Economists had expected the growth of 5.3 percent.

Excluding biomedical manufacturing, industrial production increased 2.9 percent yearly in July, after a 4.9 percent increase in the preceding month.

On a monthly basis, industrial production fell 2.3 percent from July, following an 8.0 percent drop in the previous month. The expected growth was 0.9 percent.

Among industry clusters, transport engineering grew the most, by 18.6 percent annually in July. There was an increase of 36.2 percent in the marine and offshore engineering segment due to higher levels of work in ship-repair and offshore projects.

Output advanced 14.6 percent in the general manufacturing segment in July from a year ago, and precision engineering output rose 13.9 percent. Chemical sector production gained 5.7 percent.

Electronics output decreased 6.3 percent and bio medical manufacturing declined 10.8 percent.

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