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Financial News: Singapore Industrial Production Rebounds 1.1%

Singapore Industrial Production Rebounds 1.1%

02/26/2024 - 01:12:00 (RTTNews)

(RTTNews) - Singapore's industrial production expanded in January on the back of strong growth in the transport and precision engineering clusters, data from the Economic Development Board revealed on Monday.

Industrial production rose 1.1 percent year-on-year in January, reversing a 2.4 percent decline in December. Economists had expected a 4.5 percent rise for the month.

Excluding bio-medical manufacturing, industrial production grew 5.4 percent annually in January after a 0.6 percent gain in the previous month.

On a monthly basis, industrial production fell at a faster rate of 5.7 percent in January, which was worse than the 1.3 percent drop in December.

Among the major clusters, production in the transport engineering segment increased the most by 43.5 percent annually in January, followed by precision engineering with a 27.7 percent surge.

Meanwhile, biomedical manufacturing output showed a sharp fall of 25.9 percent, and electronics output slid by 3.4 percent.

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