Financial News: Singapore's Industrial Output Rebounds Unexpectedly

Singapore's Industrial Output Rebounds Unexpectedly

08/26/2024 - 02:22:00 (RTTNews)

(RTTNews) - Singapore's industrial production increased unexpectedly in July after falling in the previous month, preliminary data from the Economic Development Board revealed on Monday.

Industrial production rose 1.8 percent year-on-year in July, reversing a 4.3 percent fall in June. Meanwhile, output was expected to decline further by 1.1 percent.

Excluding bio-medical manufacturing, industrial production grew 3.4 percent annually in July versus a 2.2 percent fall in the prior month.

On a monthly basis, industrial production surged 10.1 percent in July, reversing a 4.3 percent fall in June. Further, this was the fastest growth in five months.

Among the major clusters, the transport engineering segment advanced the most by 13.3 percent annually in July, and general manufacturing output showed an increase of 7.3 percent. Meanwhile, biomedical manufacturing output contracted sharply, by 17.4 percent.

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