Singapore factory output for July sizzles with 21% growth

Singapore

INDUSTRIAL production in Singapore clocked the fastest growth so far this year in July, kick-starting the second half of 2017 with a stellar performance led by record-high electronics output, while all manufacturing clusters posted positive growth. Factory output surged at a stronger-than-expected 21 per cent year on year last month, beating market consensus of 12.9 per cent and quicker than the revised 12.7 per cent growth in June.

Excluding biomedical manufacturing, output grew 24.9 per cent year on year, based on the latest data released by the Economic Development Board on Friday. While manufacturing output expanded by only one per cent in July on a seasonally adjusted month-on-month basis, output grew 4.9 per cent if the biomedical cluster is excluded. Said DBS senior economist Irvin Seah: "Simply put, the manufacturing sector appears to be getting a second wind. Expect output to remain in double-digit expansion in the coming months as manufacturers struggle to fulfil the huge year- end orders."