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Financial News: Singapore Industrial Production Increases In February

Singapore Industrial Production Increases In February

03/26/2021 - 02:35:00 (RTTNews)

(RTTNews) - Singapore's industrial production grew in February, data from the Economic Development Board showed on Friday.

Industrial output rose 16.4 percent year-on-year in February, following a 9.2 percent growth in January. Production was forecast to increase 16.5 percent.

Excluding biomedical manufacturing, industrial production grew 13.6 percent yearly in February, following a 13.0 percent increase in the preceding month.

On a monthly basis, industrial production rose 1.6 percent in February, slower than 4.3 percent gain in the previous month. Economists had expected a 2.9 percent fall.

Production of electronics surged 30.3 percent annually in February and that of biomedical manufacturing rose by 23.9 percent. Precision engineering output gained 15.0 percent and chemicals increased 2.5 percent.

Meanwhile, general manufacturing output declined 5.5 percent and transport engineering fell 24.2 percent.

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