By Gaurav Raghuvanshi
SINGAPORE--Singapore's industrial production rose slightly in October, nearly as expected, helped by strong growth in electronics and pharmaceuticals output.
Industrial production rose 1.2% from the previous year, compared with the median forecast for a 1.0% rise in a poll of six analysts by The Wall Street Journal.
Revised data released by the Economic Development Board on Friday showed that industrial production rose 7.7% in September, compared with an initial estimate for a 6.7% gain reported last month.
Measured on-month and on a seasonally adjusted basis, manufacturing output fell 0.1% in October, compared with an upwardly revised 4.1% gain in the previous month. The poll had predicted a 0.2% rise inOctober.
Electronics production, which accounts for 27.4% of the total, jumped 24.6% on year in October after a 17.9% gain in September.
Production in the highly unpredictable pharmaceuticals segment, which accounts for 15% of the total value of goods produced in Singapore, rose 12.4% on year in October, compared with a 26.9% gain in September.
Singapore's pharmaceuticals industry is dominated by a few multinational firms with very large plants, and the value of output can change dramatically from month to month. For example, a batch of high-value cancer drugs can drive up the value of production in a month, while long maintenance shutdowns between batches of different drugs can cause sharp falls.
Excluding biomedical output, production was 1.4% lower on year in October, compared with a revised 4.4% gain in September, the data showed.
The transport engineering industry remained a drag. Production in the offshore and marine industry, which primarily builds and repairs vessels for the oil and gas industry, declined 46.9% on year in October after contracting 31.7% in the previous month. Production aerospace industry, however, fared better, rising 9.7% on year in October after a 2.3% growth in September.
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(END) Dow Jones Newswires
November 25, 2016 00:14 ET (05:14 GMT)
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