Singapore’s industrial production decreased at a faster-than-expected pace in August, preliminary figures from the Economic Development Board showed Friday.
Industrial production plunged 7.0 percent year-over-year in August, which was worse than the 6.4 percent decline in the previous month.
Economists had forecast a 5.3 percent fall for the month. It was the seventh consecutive monthly decrease.
Excluding biomedical manufacturing, output dipped 8.1 percent in August from a year ago.
Among components, output of the transport engineering cluster fell 14.5 percent annually in August and the electronics cluster’s output contracted by 10.9 percent.
Output of the precision engineering cluster slid 9.2 percent in August and those of biomedical manufacturing cluster dropped by 2.2 percent. Meanwhile, the chemical cluster’s output climbed 3.7 percent in August.
On a monthly basis, industrial production declined 3.7 percent in August, reversing a 0.7 percent gain in July. It was expected to drop by 1.0 percent. Excluding biomedical manufacturing, output fell 2.5 percent.
The material has been provided by InstaForex Company – www.instaforex.com