Singapore’s industrial production down 5.4% in October

The contraction is worse than expected.

Singapore’s factory output slipped 5.4%year-on-year in October, according to data released today by the Department of Statistics.

This is worse than consensus expectations of a 3.2% decline and is also lower than the 4.8% year-on-year contraction that was recorded in September.

The decline was driven mainly by a 14% plunge in electronics production and a 1.4% decline in biomedical production.

Excluding biomedical manufacturing, output fell 6.4%. On a seasonally adjusted month-on-month basis, manufacturing output increased 2.5% in October 2015 compared to September 2015. Excluding biomedical manufacturing, output grew 1.7%.

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