Financial News: Singapore Industrial Production Growth Eases Sharply

Singapore Industrial Production Growth Eases Sharply

11/26/2024 - 02:12:00 (RTTNews)

(RTTNews) - Singapore's industrial production growth moderated markedly in October, preliminary data from the Economic Development Board revealed on Tuesday.

Industrial production expanded 1.2 percent year-on-year in October, much slower than the 9.0 percent surge in September. It was the slowest increase since the current sequence of growth began in July.

Excluding biomedical manufacturing, industrial production rose 0.4 percent annually in October versus a 3.6 percent gain in the prior month.

On a monthly basis, industrial production rebounded 0.1 percent in October after falling 1.5 percent in September.

Among the major clusters, transport engineering output grew 10.9 percent annually in October, followed by the biomedical manufacturing segment with a 7.8 percent rise. Electronics output was 4.3 percent higher as all electronics segments recorded output growth on the back of improved orders.

On the other hand, the precision engineering output logged a sharp decline of 15.9 percent compared to last year, and chemicals output dropped by 2.2 percent.

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