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Singapore's December factory output surges 21.3% year-on-year

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Singapore's manufacturing output surged 21.3 per cent year-on-year in December, posting its best monthly performance in at least two years, data from the Economic Development Board showed on Thursday.

SINGAPORE'S manufacturing output surged 21.3 per cent year-on-year in December, posting its best monthly performance in at least two years, data from the Economic Development Board showed on Thursday.

This jump was above market expectations. A Reuters poll put the median forecast at 9.5 per cent year-on-year.

Excluding the volatile biomedical sector, output still increased by 16.1 per cent.

On a month-on-month basis, manufacturing output expanded 6.4 per cent from an already strong November. Overall, manufacturing output grew 3.6 per cent in 2016 over 2015.

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The December increase was led by the electronics sector which showed an output jump of 49.4 per cent from a year ago.

Transport engineering was the only cluster registering a shrinkage. Output fell by 10.5 per cent.

These results are likely to help revise gross domestic product figures upwards. Singapore will release fuller 2016 fourth quarter and full-year estimates next month.

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