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Industrial production in Singapore surged in January led by increased output in the electronics and pharmaceuticals sectors.
The Economic Development Board of Singapore said industrial output climbed 39.4% year-on-year in January, accelerating from the 14.6% increase in the previous month, and coming in well above analyst expectations for a 19.3% increase.
Production in the electronics sector grew 80.6% in January, adding to the 58.4% increase in the previous month. Among the segments, semiconductor showed the largest gain with a 105% spike.
Production in the biomedical manufacturing sector rebounded with a 48.4% increase. Pharmaceuticals output soared 51.1%, reversing the 16.4% slump a month ago.
Excluding the "volatile" biomedical manufacturing sector, industrial production climbed 36.2%.
On a monthly basis, industrial output climbed a seasonally adjusted 11.8% in January, adding to the 13.4% increase in the preceding month. Excluding biomedical manufacturing, output increased 0.8%.
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