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Industrial production in Singapore rose during the month of September, beating market expectations and led by solid increases in electronics and pharmaceuticals output.
Singapore’s manufacturing output rose 6.7 percent from a year earlier in September, data released by the Singapore Economic Development Board showed Wednesday. The median forecast in a Reuters survey was for an expansion of 0.6 percent.
On a month-on-month and seasonally adjusted basis, factory output grew 3.3 percent in September, defying expectations of a contraction of 2.6 percent. The 6.7 per cent growth comes in the wake of a 0.5 per cent year-on-year growth in August and a 3.4 per cent year-on-year contraction in July.
"It remains to be seen whether Sept firm industrial production print (particularly electronics) can hold up in the absence of a sustained pick up in G3 capex once the regional tech impulse (from the recent smartphone launches) fade," said Weiwen Ng, Economist, ANZ Research.
Meanwhile, given the still-subdued external outlook, today's strong industrial production print can be seen as an aberration, rather than a precursor of firmer prints ahead, he added.
