Singapore Industrial Output Falls More Than Forecast
Saturday, 25 February 2012 | 00:00
Singapore's industrial production decreased more than expected in January due to weaknesses in the global economy and lower activities as a result of the Chinese New Year period, data from the Economic Development Board (EDB) showed Friday.
Manufacturing output dropped 8.8 percent from a year ago, while economists were expecting a 1.6 percent fall. Excluding biomedical manufacturing, output dropped 15.3 percent annually.
On a seasonally adjusted monthly comparison, industrial production increased 3.3 percent. Economists were looking for a 3.2 percent rise.
Output of the chemicals cluster contracted 12.4 percent year-on-year in January, with all segments within the cluster recording lower output.
Output of the biomedical manufacturing cluster surged 27.9 percent in January on a year-on-year basis. The pharmaceuticals segment expanded 32.5 percent.
On the other hand, output of the electronics cluster was 28.4 percent lower in January 2012 compared to a year ago as export demand continued to be weak. The decline was broad-based, led by the semiconductors segment which shrank 36 percent.
Source: RTT News
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