Singapore industrial output seen picking up in July
SINGAPORE (Reuters) - Singapore's industrial production in July likely posted its first month-on-month rise since March, a Reuters poll showed on Friday, adding to signs that manufacturing activity may have bottomed out after weakening in the second quarter.
Manufacturing output likely rose 2 per cent in July from the previous month on a seasonally adjusted basis, according to the median estimate in the survey of 12 economists. It had dropped 0.1 per cent in June.
From a year earlier, output likely expanded 3.7 per cent, accelerating from June's 0.4 per cent rise. In May, output had fallen 1.9 per cent, the first year-on-year drop in 11 months.
In an encouraging sign for the manufacturing sector, Singapore's non-oil domestic exports in July recorded a smaller than expected year-on-year decline and rose more than expected from the previous month, as shipments to the United States, the European Union and China all increased from a year earlier.