Singapore Aug manufacturing output dives 12% y/y, more than expected
2023.09.26 02:05
© Reuters. A general view of factories at an industrial park in Singapore September 16, 2014. REUTERS/Edgar Su/File Photo
By Chen Lin
SINGAPORE (Reuters) – Singapore’s industrial output in August plunged 12.1% year-on-year, contracting for an 11th consecutive month and more steeply than expected, official data showed on Tuesday.
Economists had expected a 3.1% year-on-year contraction in August, according to a Reuters poll. On a month-on-month and seasonally adjusted basis, industrial production fell 10.5% in August, missing economists’ expectation of a 1.7% contraction.
Electronics, a key contributor to Singapore’s industrial output, decreased 20% year-on-year in August, data from the Singapore Economic Development Board showed, reflecting faltering global demand.
Last month, the trade-reliant nation downgraded slightly its economic forecast for this year after it narrowly averted a recession in the second quarter.
