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Market Update: Singapore Manufacturing Output Grows Less than Expected
Singapore’s manufacturing production rose by 2.1% year-on-year in April, below market forecasts of a 3.4% growth and after a 7.6% gain a month earlier. This was the sixth straight month of increase in industrial output, as a recovery in the economy from the COVID-19 pandemic gained traction. Output expanded further for electronics (6.1% vs 33.7% in March), mostly led by computer peripherals & data storage (33.1%); chemicals (14.4% vs 9.5%); precision engineering (20.4% vs 5.6%), of which machinery & systems (27.0%); general manufacturing industries (18.0% vs -0.5%); transport engineering (19.0% vs -20.6%) Meanwhile, production shrank for biomedical manufacturing (-22.7% vs -6.6%) mainly due to pharmaceuticals (-24.7%). On a monthly basis, manufacturing output grew by 1.0%, beating consensus of a 0.5% gain, rebounding from a 1.7% rise in March. source: Singapore Economic Development Board [/s2If]
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