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Singapore Industrial Production Drops In October

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Singapore’s industrial production declined in October, albeit at a slightly slower than expected pace, data from the Economic Development Board revealed on Friday.

Industrial production declined 0.8 percent year-on-year in October, after a 1.6 percent growth in September. Economists had expected a fall of 0.9 percent.

Excluding biomedical manufacturing, industrial production growth eased to 1.9 percent in October from 2.4 percent in the previous month.

On a monthly basis, industrial production rose 0.9 percent in October, following a 0.2 percent gain in the prior month.

Among major clusters, precision engineering surged 18.6 percent in October and transport engineering grew 6.3 percent.

General manufacturing remained unchanged, while biomedical manufacturing declined 14.5 percent.

Chemicals and electronics fell by 9.7 percent and 0.7 percent, respectively.

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