Singapore factory output reverses into negative territory in March, down 9.2%
The reading falls below private sector economists’ expectations of a 1.5% contraction
SINGAPORE’S industrial production contracted 9.2 per cent year on year (yoy) in March, dragged down by double-digit declines in the electronics and biomedical clusters, data from the Singapore Economic Development Board (EDB) showed on Friday (Apr 26).
The reading came in below private sector economists’ expectations of a 1.5 per cent contraction, as indicated in a Bloomberg poll. This was also a reversal from February’s revised figure of a 4.4 per cent growth.
Excluding the volatile biomedical manufacturing cluster, factory output fell 5.9 per cent yoy.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Daily Debrief: What Happened Today (May 14)
‘We are prepared to relook everything’: Lawrence Wong on new leadership’s approach
Singapore’s Cabinet changes at a glance
Daily Debrief: What Happened Today (May 13)
Gan Kim Yong to become new DPM in Singapore’s Cabinet reshuffle; no changes to ministerial portfolios
Singapore’s 2023 tourism receipts hit S$27.2 billion, may hit record S$29 billion in 2024