Singapore manufacturing production growth slows markedly

Singapore’s manufacturing output has increased at an annualized rate of 9.8% in September, while slowing sharply from a 22% YoY rise in August.

Still, the latest data far exceeded market consensus of a 3.5% growth.

In September, production of electronics slowed sharply, up 1.9% YoY after a 50% YoY surge in August.

On the other hand, output for biomedical manufacturing saw a significant rebound, up 62% YoY after a 14.7% YoY drop in August.

In addition, output growth accelerated for:

– precision engineering (14.7% YoY after a 9.5% YoY surge in August);
– general manufacturing industries (8.1% YoY after a 3.4% YoY increase in August).

And, output for transport engineering dropped 1.9% YoY in September.

In monthly terms, the nation’s manufacturing output stalled in September, after a revised up 6.9% rise in August.

The Singapore Dollar was 0.10% weaker against its US counterpart on Friday, with the USD/SGD currency pair last trading at 1.3194.