Economists cut Singapore growth forecast after factory output dives 12.1% in August

SINGAPORE’S factory output fell a surprising 12.1 per cent year on year in August, contracting at a faster rate than in July, as the sector was dragged down by a plunge in electronics output.

Excluding the biomedical sector, which is typically volatile, factory output slipped 13.3 per cent, data from the Singapore Economic Development Board showed on Tuesday (Sep 26).

Singapore’s factory output has stayed in contraction territory for the past 11 months, with August being the weakest year-on-year reading since November 2019.