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Financial News: Singapore Industrial Production Growth Slows In March

Singapore Industrial Production Growth Slows In March

04/26/2022 - 07:26:00 (RTTNews)

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

Industrial output rose 3.4 percent year-on-year in March, after a 17.5 percent growth in February. Economists had forecast a growth of 3.5 percent.

Excluding biomedical manufacturing, industrial production rose 9.7 percent yearly in March, after a 16.6 percent increase in the preceding month.

On a monthly basis, industrial production dropped 12.6 percent in March, after a 16.8 percent growth in the previous month. Economists had expected a 3.9 percent fall.

Transport engineering grew 20.7 percent year-on-year in March. The production in the aerospace segment increased 39.3 percent with higher production of aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines.

Electronics manufacturing increased 14.5 percent. The production in the semiconductors segment surged 17.3 percent, supported by strong demand from 5G markets and data centers amidst the global chip shortage.

General manufacturing and chemicals increased by 10.2 percent and 0.8 percent, respectively.

Meanwhile, biomedical manufacturing declined 26.3 percent, led by a 39.0 percent slump in the pharmaceuticals segment. Precision engineering decreased 1.4 percent.

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