Singapore manufacturing growth still sluggish

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SG computer plant Singapore’s manufacturing output grew at a slower-than-expected pace of 8 per cent on-year in October, newly released government data show. This is down from the 9.2-per cent growth recorded in September. Some economists had expected October’s industrial production to come in at 9.3 per cent.

While manufacturing performance was mixed, the main drags came from the biomedical and chemicals sectors. More factories are winding down ahead of the year end, to clean up and make way for the new production cycle. Economists said that has caused a drop in biomedical and chemicals output for the month of October.

Manufacturing output growth reached 8 per cent on-year, down from the 9.2 per cent growth recorded in September. It also missed market estimates for growth of 9.3 per cent.

October’s manufacturing data provides a glimpse into the economic growth trend for the fourth quarter. And although economists said the numbers are fairly positive, there are some risks to growth.

Releasing the latest figures on Tuesday, the Economic Development Board of Singapore (EDB) said output in the biomedical manufacturing cluster contracted 2.3 per cent on-year last month, due to a fall in pharmaceuticals output.

Meanwhile, the transport engineering cluster’s output grew at a slower pace of 8.9 per cent in October, supported by growth in the marine and offshore engineering segment. Output of the precision engineering cluster recorded a 5-per-cent on-year growth in October, led by higher contributions in the machinery and systems segment.

From July 2014, foreign worker levy rates for both S Pass and Work Permit Holders for all sectors will be raised again. This is expected to put a cap on Singapore’s manufacturing output growth.

 

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Reading Time: 1 minute

Singapore’s manufacturing output grew at a slower-than-expected pace of 8 per cent on-year in October, newly released government data show. This is down from the 9.2-per cent growth recorded in September. Some economists had expected October’s industrial production to come in at 9.3 per cent.

Reading Time: 1 minute

SG computer plant Singapore’s manufacturing output grew at a slower-than-expected pace of 8 per cent on-year in October, newly released government data show. This is down from the 9.2-per cent growth recorded in September. Some economists had expected October’s industrial production to come in at 9.3 per cent.

While manufacturing performance was mixed, the main drags came from the biomedical and chemicals sectors. More factories are winding down ahead of the year end, to clean up and make way for the new production cycle. Economists said that has caused a drop in biomedical and chemicals output for the month of October.

Manufacturing output growth reached 8 per cent on-year, down from the 9.2 per cent growth recorded in September. It also missed market estimates for growth of 9.3 per cent.

October’s manufacturing data provides a glimpse into the economic growth trend for the fourth quarter. And although economists said the numbers are fairly positive, there are some risks to growth.

Releasing the latest figures on Tuesday, the Economic Development Board of Singapore (EDB) said output in the biomedical manufacturing cluster contracted 2.3 per cent on-year last month, due to a fall in pharmaceuticals output.

Meanwhile, the transport engineering cluster’s output grew at a slower pace of 8.9 per cent in October, supported by growth in the marine and offshore engineering segment. Output of the precision engineering cluster recorded a 5-per-cent on-year growth in October, led by higher contributions in the machinery and systems segment.

From July 2014, foreign worker levy rates for both S Pass and Work Permit Holders for all sectors will be raised again. This is expected to put a cap on Singapore’s manufacturing output growth.

 

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