Singapore’s manufacturing output increases 7.6 percent in November
Singapore’s manufacturing output increased 7.6 percent year on year in November thanks to a jump in pharmaceuticals output and strong expansion in the marine and offshore engineering cluster, said the Singapore Economic Development Board (EDB).
A view of factories in Singapore (File photo. Source: AFP/VNA)Hanoi (VNA) - Singapore’s manufacturing output increased 7.6 percent year on year in November thanks to a jump in pharmaceuticals output and strong expansion in the marine and offshore engineering cluster, said the Singapore Economic Development Board (EDB).
The increase is higher than the revised 5.5 percent rise in October.
Excluding biomedical manufacturing, manufacturing output grew 5.3 percent year on year in November.
On a seasonally adjusted month-on-month basis, manufacturing output increased 2.8 percent in November compared to the revised 2.4 growth in October.
Pharmaceutical output grew 23.9 percent and electronics output went up 11.2 percent year on year, while the marine and offshore engineering segment expanded 26.6 percent.
In the first 11 months, Singapore's manufacturing output grew 7.9 percent year on year. Excluding biomedical manufacturing, it grew 7.8 percent.
Earlier, the Monetary Authority of Singapore (MAS) said economists who joined its quarterly survey raised the country’s economic growth for 2018 to 3.3 percent. The figure is higher than the 3.2 percent forecast in the previous survey.
For 2019, respondents expected GDP growth to ease to 2.6 percent, which is a slight drop from the 2.7 percent in the previous survey. - VNA
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