Singapore December Manufacturing Expands 14.3% Year on Year, Beats Forecasts

Singapore
FILE PHOTO: Container cranes are pictured at the Port of Singapore, June 10, 2018. REUTERS/Feline Lim

SINGAPORE — Singapore’s industrial output in December grew 14.3% year-on-year, beating economists’ forecasts, official data showed on Tuesday, as an increase in electronics manufacturing outweighed a fall in the pharmaceuticals and aerospace segments.

Economists had expected an 11.5% increase in December, according to a Reuters poll. Factory output grew a revised 18.7% in November instead of the 17.9% rise previously reported, data from the Singapore Economic Development Board showed.

On a month-on-month and seasonally adjusted basis, industrial production increased 2.4% in December. Economists had expected a 0.6% contraction.

Overall, manufacturing output increased 7.3% in 2020 over 2019.

Reporting by Aradhana Aravindan in Singapore; Editing by Kim Coghill and Subhranshu Sahu; Reuters

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