Singapore Industrial Output Growth Accelerates

(RTTNews) - Singapore's industrial production expanded at a faster pace at the start of the year, preliminary data from the Economic Development Board revealed on Wednesday.

Industrial production advanced 9.1 percent year-on-year in January, following a 5.2 percent growth in December. The expected increase was 9.8 percent. Production has been rising since July 2024.

Excluding biomedical manufacturing, industrial production grew 7.3 percent annually in January versus a 4.6 percent increase in the prior month.

On a monthly basis, industrial production rebounded 4.5 percent in January after falling 5.4 percent in December.

Among the major clusters, biomedical manufacturing output surged 19.3 percent annually in January, led by the pharmaceutical segment. Electronics output also expanded sharply by 18.9 percent. Transport engineering output was 3.8 percent higher compared to last year.

On the other hand, general manufacturing output declined 1.7 percent from last year, and chemicals output dropped by 2.4 percent.