SINGAPORE - Singapore's industrial production in August edged up 0.1 per cent from a year ago, after contracting 3.6 per cent in July, figures from the Singapore Economic Development Board showed on Monday (Sept 26).
This missed the median forecast for a 0.6 per cent rise in a Reuters poll of economists.
Excluding biomedical manufacturing which shrank 8.4 per cent year on year, factory output grew 2.3 per cent in August.
On a seasonally adjusted month on month basis, manufacturing output was unchanged in August. Excluding biomedical manufacturing, it grew 1.5 per cent.
Sluggish exports and depressed demand for offshore drilling rigs have weighed on Singapore's manufacturing sector. Industrial production in the January to July period was down 0.2 per cent compared to the same period a year earlier.
The transport engineering cluster was the worst hit with output sinking 16.8 per cent year on year in August as rig building activities and demand for oilfield & gasfield equipment stayed weak. The marine & offshore engineering segment sank 31.4 per cent, which offset the gains made in the land transport (11.4 per cent) and aerospace (4.8 per cent) segments.
For January to August this year, output of the transport engineering cluster was down 18.0 per cent compared to the same period a year ago.
But electronics, the biggest cluster in Singapore manufacturing, saw the third straight month of double-digit percentage growth. Its output in August rose 10.8 per cent year on year, though the rate of growth eased from June's and July's 19.1 per cent and 16.5per cent respectively.