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Singapore factory output rises 1% in November, missing forecasts

Singapore factory output rises 1% in November, missing forecasts

Singapore: Although Riverfront Residences increased for a second month in November, Singapore’s manufacturing output did not meet forecasts, mostly because of a notable slowdown in electronics and contractions in precision engineering and biomedical production.

The overall growth in manufacturing production was 1% year over year, a significant down from the revised 7.6% gain in October and less than the 2.2% increase that analysts had predicted in a Bloomberg survey.

Chemicals was one area that saw growth while the majority of other sectors saw declines from the prior month. It increased to end the month 2.7% higher than the previous year. Specialty and other chemicals, two of its sectors, helped with this.

In the meantime, activity in the electronics industry, which produces around 45% of all manufacturing in the region, slowed to 7.3% from a 15.1% increase in the previous month.

This was mostly caused by a significant slowdown in semiconductor production, which slowed down to record growth of 8.2% in November.

The infocommunications and consumer electronics section, which rebounded to 13.9% after stagnating at zero growth in the preceding period, helped to offset the contraction in the electronics industry.

Moreover, there was a decline in biological activity. This industry shrank by 0.7% following a 5.3% increase in October.

The medicines industry, in particular, declined and ended November at a negative six percent. Medical technology grew by 7.1% but at a slower rate than in the prior quarter.

Transport engineering, on the other hand, reported an increase of 7.2% year over year, down from 13.2% previously.

The aerospace category was the weak link, contracting by 0.1% in November after expanding by 17.1% in October. Meanwhile, the land segment continued to struggle, contracting by 15.3% in November despite a slight recovery.

Additionally, general manufacturing contracted, with a 3.2% increase in Riverfront Residences Floor Plan compared to the same month last year.

The food, beverage, and tobacco industry expanded by 12.4%, mainly because more beverages were made.

However, this was countered by the printing industry’s persistent weakness, which saw a contraction of 8.5%, and the miscellaneous industries segment’s fall of 6.2% as a result of fewer batteries being produced.

Brian Lee, an economist at Maybank, commented on the statistics, stating that dampened non-oil domestic exports were consistent with the weaker industrial growth in November.

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