Singapore's Manufacturing Output Rose More Than Expected in February

By Fabiana Negrin Ochoa

Singapore's manufacturing output was stronger than expected in February, picking up pace from the prior month in a possible sign that a sector recovery could be gathering momentum.

On a year-over-year basis, output rose 3.8%, according to data released by the Economic Development Board on Tuesday. That compared with January's 1.1% increase, marking a second month of expansion.

Biomedical manufacturing was the main driver, with output from the segment jumping about 27%. Excluding the biomedical industry, the city-state's manufacturing growth came in at 1.4%.

Output of electronics, which has a weighting of about 47%, increased 2.6% in February, the EDB data showed. The segment's output is down about 1.2% year to date.

On a seasonally adjusted month-on-month basis, Singapore's manufacturing output rose 14.2% in February, the EDB said. That compared with a 5.7% drop in January.

Economists at Moody's Analytics had expected an on-year contraction in February, while ING economists had tipped only a modest gain in production figures, in line with soft non-oil domestic exports.

"We see this trend persisting at least in the near term as global growth remains moderate," ING economists said in a note before the data's release.

Write to Fabiana Negrin Ochoa at [e-mail]

(END) Dow Jones Newswires

03-26-24 0135ET