Singapore’s industrial production declined at a faster-than-expected pace in December, preliminary figures from the Economic Development Board showed Tuesday.
Industrial production fell 7.9 percent year-over-year at the end of the year, exceeding economists’s expectations for a 7.2 percent decrease.
In November, production had fallen 6.4 percent. Production has been falling since September 2014.
Excluding biomedical manufacturing, output plunged 13.0 percent in December from a year ago.
Among components, output of the transport engineering cluster slumped 26.4 percent annually in December and the electronic cluster’s output decreased by 12.4 percent.
Output of the precision engineering cluster slipped 6.8 percent and the general manufacturing cluster’s output dropped by 5.3 percent. At the same time, output of the biomedical manufacturing cluster surged 16.2 percent.
Month-on-month, industrial production rose a seasonally adjusted 2.0 percent in December, faster than the 1.4 percent expected by economists. In November, production had dropped 3.9 percent.
The material has been provided by InstaForex Company – www.instaforex.com