Figure falls short of the 9.7% growth for the month predicted by private-sector economists
Singapore’s factory output grew by 8.5% year on year in November, surpassing the previous month’s growth of 1.2%. This increase was largely driven by a surge in output in the key electronics sector, which saw a 26.2% year-on-year gain, extending the previous month’s 4.2% growth. However, the gains were offset by a weaker performance in the volatile biomedical manufacturing sector, according to data from the Singapore Economic Development Board released on December 26.
The November performance fell short of expectations, with private-sector economists predicting a 9.7% expansion, according to a Bloomberg poll.
Excluding the biomedical manufacturing sector, which is subject to significant fluctuations, industrial production was up 13% year on year, a sharp increase from the 0.4% growth seen in October.
