Monday, March 26, 2012

Singapore's Feb manufacturing output up 12.1% on-year

SINGAPORE: Singapore manufacturing output in February 2012 rose 12.1 per cent from a year earlier, rebounding from a contraction in January of 9.6 per cent.

Excluding the biomedical industry, output rose by 7.1 per cent on-year in February, according to figures released by the Economic Development Board (EDB).

The year-on-year increase fell short of the 16 per cent rise that some economists had forecast.
Biomedical output grew 38.3 per cent on-year in February, with both the pharmaceuticals and medical technology segments recording strong output growth, EDB said.

Output from transport engineering also expanded a robust 32.4 per cent on-year last month, boosted by a higher percentage of completion in oil rig and oil field related equipment projects.

February's general manufacturing output grew 16.4 per cent on-year, with all segments recording higher production. EDB attributed the growth to a low base in February last year when many plants were shut down for the Lunar New Year holidays.

The chemicals cluster contracted 2.9 per cent on-year in February, with petrochemicals declining 6.0 per cent, largely due to plant shutdowns.

Electronics output in February fell 6.0 per cent on-year, pressured by a 21.2 per cent decline in the semiconductors segment.
On a seasonally adjusted basis, manufacturing output contracted by 1.1 per cent in February from the previous month.

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Source From Channel News Asia

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