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Financial News: Singapore Industrial Production Growth Slows In March

Singapore Industrial Production Growth Slows In March

04/26/2021 - 03:26:00 (RTTNews)

(RTTNews) - Singapore's industrial production grew at a softer pace in March, data from the Economic Development Board showed on Monday.

Industrial output rose 7.6 percent year-on-year in March, after a 16.5 percent growth in February. Production was forecast to increase 3.0 percent.

Excluding biomedical manufacturing, industrial production grew 14.9 percent yearly in March, after a 13.9 percent increase in the preceding month.

On a monthly basis, industrial production fell 1.7 percent in March, after a 1.5 percent gain in the previous month. Economists had expected a 2.2 percent rise.

Production of electronics surged 33.7 percent annually in March and that of chemicals rose 9.5 percent. Precision engineering output gained 5.6 percent.

Meanwhile, general manufacturing output declined 0.5 percent and transport engineering fell 20.6 percent. Biomedical manufacturing decreased 6.6 percent.

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