Singapore's factory production rises 9.5%


SINGAPORE'S factory production rose in March by a stronger-than-expected 9.5% from February, putting the trade-dependent economy on firm footing as the Severe Acute Respiratory Syndrome (SARS) out break pummels service-related and tourism industries. 

The seasonally adjusted March growth figure was more than double market expectations and reversed February’s 12% decline, surprising economists who had expected disruptions in global trade during the Iraq war to hurt Singapore's industry. 

Production also rose 6.5% from a year earlier, beating expectations for a 3.3% rise, and underscoring a fragile but steady recovery that took hold last year after Singapore's deepest recession in four decades. 

Biomedical sciences, a growth industry for Singapore, contributed most to March production, along with output gains in electronics and chemicals, the government said. 

Much of March's factory output reflected higher production in the volatile pharmaceuticals sector, a sub-sector of biomedical science, where output values swing dramatically depending on the chemicals used. 

Biomedical sciences grew 43.7% while pharmaceuticals expanded 49.8%. 

Singapore's biggest industry, electronics, posted more subdued single-digit growth of 2.9% from a year earlier, due largely to a 17.7% rise in output of semiconductors. – Reuters  

For more foreign business news click here

 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

MCO 2.0 to cost Malaysia RM600m daily, Zafrul says
Two Menang Corp shareholders seek removal of four directors
Federal Court rules in favour of house buyers over late delivery
Beshom to take over listing status of Hai-O Enterprise
Karyon reports 4 workers tested positive for Covid-19
KLCI reverses gains, falls 7.64 points
Dollar drops as traders prepare for Yellen to talk up stimulus
Norway awards O&G exploration rights to 30 firms
China's Geely teams up with Tencent on smart car tech
Japan's biggest business lobby shrugs off calls for wage hikes

Stories You'll Enjoy