Singapore’s industrial production declined at a faster-than-expected pace in October, preliminary figures from the Economic Development Board showed Wednesday.
Industrial production dipped 5.4 percent year-over-year in October, slightly faster than the 5.3 percent decrease expected by economists.
In September, production had fallen 4.7 percent. Production has been falling since September last year.
Excluding biomedical manufacturing, output slid 6.4 percent in October from a year ago.
Among components, the electronics cluster’s output plunged 14.0 percent annually in October and output of the precision engineering cluster slipped by 6.9 percent.
Similarly, output of the biomedical manufacturing cluster fell 1.6 percent and that for transport engineering cluster went down by 4.0 percent.
At the same time, output of the chemicals cluster grew 5.5 percent in October and the general manufacturing cluster’s output increased by 0.6 percent.
On a monthly basis, industrial production climbed a seasonally adjusted 2.5 percent in October, much faster than the 0.6 percent rise in September. Economists had expected a 2.0 percent growth for the month.
It was the second successive monthly increase. Excluding biomedical manufacturing, output grew 1.7 percent.
The material has been provided by InstaForex Company – www.instaforex.com