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Financial News: Singapore Industrial Production Rise Unexpectedly On Pharm

Singapore Industrial Production Rise Unexpectedly On Pharma Output Surge

04/24/2020 - 05:44:00 (RTTNews)

(RTTNews) - Singapore industrial production rose unexpectedly in March, led by a sharp increase in the biomedical output as the demand for pharmaceuticals surged amid the coronavirus, or Covid-19 pandemic, data from the Economic Development Board showed on Friday.

Industrial production increased 16.5 percent year-on-year in March, after a 0.7 percent decrease in February. Economists had forecast a 6.3 percent fall.

Excluding biomedical manufacturing, industrial output remained unchanged in March, after a 2.2 percent fall in the prior month.

Among clusters, biomedical manufacturing grew 91.4 percent annually in March. Pharmaceuticals output surged 126.6 percent, driven by higher production of active pharmaceutical ingredients and biological products.

Precision engineering expanded 21.2 percent and those of transport engineering and chemicals increased 7.6 percent and 0.8 percent, respectively.

Meanwhile, electronics output and general manufacturing declined 9.2 percent and 7.9 percent, respectively.

On a monthly basis, industrial production increased 21.7 percent in March, reversing a 22.1 percent rise in the prior month. Output was expected to fall of 2.0 percent.

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