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NEWS UPDATES 26 July 2010

Singapore's manufacturing output up at slower pace

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Singapore's manufacturing output continued to increase at a double-digit pace but the rate of growth came in slower on the back of a drop in the biomedical segment, Channel News Asia reports.

Data released on Monday by the Economic Development Board (EDB) showed that industrial production in June increased by 26.1 percent on-year.

The figure is lower than market forecasts for an expansion of 36.7 percent on-year.

It is also a far cry from the previous two months that saw the fastest pace of expansion since records began in 1980.

Output had risen 58.6 percent in May and 49.7 percent in April.

Compared to the previous month, manufacturing output in June decreased by 23.4 percent.

Excluding biomedical manufacturing, output would have declined by only 1.8 percent.

There was a slowdown in the performance of the various clusters.

The sharpest deceleration in growth was witnessed in the biomedical manufacturing segment, which rose by 29.8 percent on-year in June, as opposed to the 117.7 percent on-year growth in May.

The electronics segment expanded by 46.8 percent on-year, a tad below the 52.1 percent increase seen in the previous month.

The chemicals cluster increased 7.4 percent on-year in June, again down from the 19.7 percent growth seen in the previous month.

One segment which saw a contraction instead of an expansion was the transport engineering cluster. It contracted by 3.6 percent in June, worse than the previous month's 0.7 percent decline.

For the entire first half of 2010, manufacturing output expanded 41.6 percent.

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