Singapore's industrial production declined less than expected in March, data from the Economic Development Board showed Thursday.
Industrial output fell 3.4 percent from a year ago in March, compared expectations for a 5.8 decline. Excluding biomedical manufacturing, output contracted at a similar rate of 3.4 percent.
Month-on-month, industrial production logged a surprise growth of 2.7 percent after adjusting to seasonal variations. Economists were looking for a 1.4 percent decline. Excluding biomedical manufacturing, industrial output increased 2.9 percent month-on-month.
Annually, manufacturing production grew 4.1 percent in March. Meanwhile, production in biomedical manufacturing fell 3.3 percent.
The chemicals cluster contracted 4.7 percent year-on-year and output of the electronics cluster was 15.9 percent lower compared to a year ago.
by RTT Staff Writer
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