Singapore Oct. Industrial Output Growth Picks Up
November 24, 2011 by Laura Reveley · Leave a Comment
– Singapore’s industrial production growth accelerated in October at a faster than expected pace, given the robust performance in biomedical manufacturing, data from the Economic Development Board showed Friday.
Manufacturing output increased 24.4 percent on an annual basis in October, better than the 11.3 percent growth seen in September and 8.1 percent rise forecast by economists.
Month-on-month, manufacturing output rose unexpectedly by 14.2 percent, offsetting September’s 1.5 percent drop. Economists had forecast a 2 percent drop for October.
Excluding biomedical manufacturing, industrial output declined 11.2 percent annually, while it rose 1.2 percent in October from a month ago.
Driven by the pharmaceuticals segment, output of the biomedical manufacturing cluster surged 112.3 percent in October. Growth in transport engineering output quickened to 15.3 percent from 5.4 percent.
The output of the precision engineering cluster declined 5.5 percent year-on-year in October, following a 7.7 percent fall in September.
Although output of the food, beverages and tobacco segment grew 2 percent, the general manufacturing cluster’s output declined 9.8 percent annually. The chemicals cluster’s output declined 10.4 percent, reversing last month’s 6.6 percent rise.
Output of the electronics cluster was 20.3 percent lower in October compared to the same period last year, but the decrease was smaller than the 27.8 percent drop logged in September.
The central bank forecasts the city-state economy to grow below its potential rate of 3-5 percent next year. Given the turbulent global economic conditions, the Ministry of Trade and Industry expects only 1 percent to 3 percent growth for 2012.
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