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Industrial production in Singapore increased from the year-ago period in October, mainly due to a strong showing in the electronics sector, official data showed on Thursday.
The Singapore Economic Development Board reported that industrial output climbed 3.6% year-on-year in October, rebounding from the upwardly revised 6.3% decrease in the previous month. Economists had expected output to grow 7.5%. Excluding biomedical manufacturing, industrial production climbed 4.3%, after a 4% decline in September.
"Headline industrial production has been distorted by huge swings in pharmaceutical sector production," said Tim Condon, chief Asian economist at ING bank. "We consider industrial production excluding pharmaceuticals to be a better guide to the underlying trend." It outperformed during the Lehman panic demand crash and has underperformed during the recovery, the economist noted. According to ING, industrial production ex-pharma is clawing back toward its pre-Lehman panic level in sync with the development in other Asian economies and there is nothing on the horizon that would interrupt the trend.
Output in the electronics manufacturing sector, which has the largest share in overall industrial output value, surged 17.7% annually in October, much faster than the 2.4% increase in September. Production in the biomedical manufacturing sector grew 0.8%, reversing some of the 13.9% slump in the previous month.
Output in the pharmaceutical cluster declined 0.7%, a modest drop when compared to the 15.6% slump in the previous month. On the other hand, output in the transport engineering sector plunged 13.6%, faster than the 8.3% fall last month.
On a monthly basis, industrial output slumped a seasonally adjusted 6.7% in October, slower than the upwardly revised 8.7% decrease in the preceding month. This was the third monthly decline in a row. The decline came as a surprise, as economists were expecting a 1.6% increase in output. Excluding the biomedical sector, output rose 1.4%, faster than the 0.4% rise in the previous month.
In other news, the Singapore Department of Statistics reported earlier on Thursday that the overall business receipts of the services sector, which excludes wholesale and retail trade, rose 0.7% sequentially in the third quarter. This comes after a 1.3% fall in the second quarter. Year-on-year, the receipts of the services sector dropped 4.4% in the third quarter.
The statistical office also reported that the import price index decreased 5.3% year-on-year in October compared to the 10.2% fall in the previous month. At the same time, the export price index dropped 5.5%, slower than the 9.8% decline last month.
The city-state economy grew 14.2% in the third quarter from the previous three months. On an annualized basis, the growth was 0.6%. The government expects GDP to shrink 2%-2.5% this year. Next year, the Singapore economy is forecast to grow between 3% and 5%.
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