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Financial News: Singapore Industrial Production Rises At Faster Pace

Singapore Industrial Production Rises At Faster Pace

05/26/2022 - 06:44:00 (RTTNews)

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

Industrial output rose 6.2 percent year-on-year in April, after a 5.1 percent growth in March. Economists had forecast a growth of 5.1 percent.

Excluding biomedical manufacturing, industrial production rose 7.7 percent yearly in April, after a 9.9 percent increase in the preceding month.

On a monthly basis, industrial production grew 2.2 percent in April, after posting an 11.2 percent drop in the previous month. Economists had expected an increase of 8.1 percent.

Transport engineering grew 17.2 percent year-on-year in April. The marine and offshore engineering segment increased 27.5 percent, with higher level of work done in offshore projects.

Electronics manufacturing rose 10.4 percent. The production in the semiconductors segment expanded 12.9 percent, supported by strong demand from 5G markets and data centers amidst the global chip shortage.

General manufacturing and precision engineering increased 10.3 percent and 3.5 percent, respectively.

Meanwhile, biomedical manufacturing and chemicals declined by 1.1 percent and 3.4 percent, respectively.

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