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Financial News: Singapore Industrial Production Rises Sharply In September

Singapore Industrial Production Rises Sharply In September

10/26/2020 - 03:00:00 (RTTNews)

(RTTNews) - Singapore industrial production grew sharply in September, data from the Economic Development Board showed Monday.

Industrial output grew 24.2 percent yearly in September, following a 15.4 percent rise in August. Economists had forecast an annual growth of 2.5 percent.

Excluding biomedical manufacturing, output rose 8.5 percent annually in September, after a 16.4 percent increase in the previous month.

On a monthly basis, industrial production rose a seasonally adjusted 10.1 percent in September, after a 15.5 percent growth in the preceding month. Economists had expected a fall of 7.8 percent.

Production of biomedical manufacturing grew 89.8 percent in September. Electronics output advanced 30.1 percent and chemicals output rose 0.4 percent.

Meanwhile, output of general manufacturing and transport engineering declined 8.0 percent and 35.8 percent, respectively. Precision engineering fell 1.5 percent.

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