(Oct 25): Singapore’s factory output unexpectedly increased in September as a slump in electronics moderated and pharmaceuticals production surged.
Industrial production rose 0.1% from a year earlier, the Economic Development Board said in a statement Friday. All 12 economists in a Bloomberg survey predicted a contraction ranging from 1.8% to 12%. On a seasonally adjusted monthly basis, production climbed 3.7%.
Electronics continued to contract, but the 9.6% decline was milder than August’s 25% plunge. Pharmaceuticals surged 26.2% in September from a year ago, while petrochemicals gained 6.9%.
Singapore’s central bank chief said earlier this week that the economy was set for a recovery in a few quarters time, although it probably won’t be a “robust” one. The government’s forecast is for economic growth to slow to 0%-1% this year.
