Financial News: Singapore Industrial Production Growth Softens

Singapore Industrial Production Growth Softens

(RTTNews) - Singapore industrial production grew at a slower pace in April largely due to the fall in biomedical manufacturing, the Economic Development Board said Monday.

Industrial production increased 5.9 percent on a yearly basis in April, following March's 6.8 percent expansion.

Excluding biomedical manufacturing, industrial output registered an annual growth of 8.1 percent compared to 6.0 percent increase in the prior month.

Bolstered by more maintenance, repair and overhaul jobs from commercial airlines, transport engineering output surged 22.9 percent. Electronic output advanced 15.2 percent with strong growth in infocomms and consumer electronics.

Precision engineering output climbed only 1.6 percent due to a fall in the machinery and systems segment. Biomedical manufacturing output declined 1.1 percent as there was a decline in the pharmaceuticals segment.

Similarly, chemicals output decreased 3.2 percent and general manufacturing contracted sharply by 15.2 percent.

On a monthly basis, industrial output rebounded 5.3 percent after a 2.7 percent fall in March. Excluding biomedical manufacturing, industrial output growth accelerated to 4.7 percent from 1.9 percent in the previous month.

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