Singapore Industrial Output Recovers Strongly By 7.4%

(RTTNews) - Singapore's industrial production expanded for the first time in just over a year in October, data from the Economic Development Board revealed on Friday.

Industrial production advanced 7.4 percent year-on-year in October, reversing a 1.1 percent fall in the prior month. Meanwhile, economists had expected a 2.1 percent decrease for the month.

Further, this was the quickest excpansion since May 2022, when production had risen 11.1 percent.

Excluding bio-medical manufacturing, industrial production expanded 7.3 percent annually in October after a 1.3 percent gain in the previous month.

On a monthly basis, industrial production grew 9.8 percent in October, slower than the 13.1 percent surge in September.

Among the major clusters, production in the electronics cluster grew the most by 14.8 percent in October, followed by the transport engineering segment with a 12.0 percent increase.

Production in biomedical manufacturing showed a growth of 5.1 percent, while precision engineering output dropped by 2.2 percent.