Driven by a strong recovery in biomedical production, Singapore manufacturing output expanded in November after easing for three consecutive months.
Manufacturing output expanded 3.1 percent year-on-year in November, reversing a 5.1 percent fall a month ago, Economic Development Board said Wednesday. Economists had forecast output to rise at a faster pace of 5.1 percent in November. Output rose only 0.9 percent after excluding biomedical output.
On a seasonally adjusted month-on-month basis, manufacturing output grew 1.9 percent in November, following a 1.2 percent rise in October. Excluding biomedical manufacturing, output increased 0.6 percent.
Meanwhile, on a three-month moving average basis, manufacturing output contracted 2.1 percent in November, compared to a year ago.
Reflecting higher output on pharmaceuticals and medical technology segments, output of the biomedical manufacturing cluster logged an annual expansion of 12.9 percent. Chemical production was up 5.2 percent.
Output of the transport engineering cluster grew 4 percent year-on-year, supported by higher growth in the marine and offshore engineering and aerospace segments. Likewise, the general manufacturing cluster's output gained 1 percent in November.
Meanwhile, electronics output dipped 2.3 percent annually and precision engineering cluster output was down 0.2 percent.
Data from International Enterprise (IE) Singapore early this month showed that exports contracted in November, mainly as a result of a sharper reduction in shipments of electronic products. According to official data, the economy contracted a seasonally adjusted 5.9 percent in the third quarter compared to the previous three months.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org