Singapore industrial production jump higher than market expectations in near three years

Industrial production in Singapore jumped during the month of November, in over 2-1/2 years and largely exceeding what markets had initially anticipated.

Singapore’s Industrial production surged 11.9 percent year-over-year in November, much faster than the 1.3 percent climb in the previous month, data released by the Economic Development Board showed Friday.

This was the fourth consecutive monthly increase. Economists had expected the growth to accelerate to 1.6 percent. Excluding biomedical manufacturing, output climbed by 6.4 percent. Among components, majority of the clusters registered an expansion in output except for general manufacturing and transport engineering clusters.

Output of biomedical manufacturing grew the most by 34.8 percent on year, followed by the electronics cluster's output with 24.2 percent gain. Meanwhile, month-on-month, industrial production rose a seasonally adjusted 6.1 percent in November, after remaining flat in the preceding month.