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Financial News: Singapore Industrial Production Rises Most In 5 Months

Singapore Industrial Production Rises Most In 5 Months

09/25/2020 - 04:27:00 (RTTNews)

(RTTNews) - Singapore industrial production grew at the fastest pace in five months in August driven by strong expansion in electronics output, data from the Economic Development Board showed Friday.

Industrial output grew 13.7 percent on a yearly basis in August, reversing a 7.6 percent fall in July. Economists had forecast an annual growth of 4.6 percent.

This was the first growth in four months and marked the fastest expansion since March.

Excluding biomedical manufacturing, output grew 15.3 percent from last year.

On a monthly basis, industrial production growth accelerated to 13.9 percent from 2.3 percent a month ago. Output was expected to advance 2.6 percent.

Data showed that all expect the transport engineering and general manufacturing industries clusters registered annual growth in August.

Electronics output advanced 44.2 percent and precision engineering output climbed 9.4 percent. Production of biomedical manufacturing grew 8.4 percent and that of chemicals gained 3.1 percent.

Meanwhile, output of general manufacturing and transport engineering declined 18.6 percent and 36 percent, respectively.

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