Singapore Factory Output Jumps 4.3% in October To Beat Forecast

Singapore Factory Output Jumps 4.3% in October To Beat Forecast

Driven by biomedical manufacturing and transport engineering,
Singapore’s manufacturing output rose by 4.3 percent year on year in
October 2018, Singapore Economic Development Board said on 26
November.

Seasonally adjusted, Singapore’s manufacturing output grew by 2.0
percent in October compared to September, according to the EDB.
The yearly increase in factory output beat the median forecast in a
Reuters survey of 2.3 percent growth. The monthly rise in manufacturing
output also exceeded the median estimate of 1.6 percent expansion in the
survey.

Singapore’s manufacturing output in October recovered from 0.1-percent
annual contraction in September, as transport engineering output jumped
by 30.8 percent and pharmaceuticals output expanded by 15.8 percent.

Of the six main manufacturing clusters in Singapore, output in four of
them increased, while factory output in chemicals and electronics dropped
by 1.0 percent and 2.7 percent, respectively, EDB data showed .

In transport engineering, all segments expanded their production in
October. The marine and offshore engineering surged 52.2 percent, on the
back of a low comparison base in October 2017 and a higher level of work
in offshore projects. Increased engine repair and maintenance work from
commercial airlines pushed the aerospace segment’s output up by 15.6
percent in October.

In the first ten months of 2018, output at Singapore’s transport
engineering cluster grew by 14.0 percent compared to the same period of
2017.

In the biomedical manufacturing cluster, pharmaceuticals output rose by
15.8 percent annually in October, driven by higher production of
pharmaceutical and biological products, while medical technology output
grew 2.9 percent, due to export demand from the US.

Manufacturing output in precision engineering increased by 1.4 percent on
the year in October 2018, and the general manufacturing cluster saw its
output rise by 1.3 percent.