By Gaurav Raghuvanshi
SINGAPORE--Singapore's industrial production jumped in November, helped by strong growth in electronics and pharmaceuticals output.
Industrial production rose 11.9% from the previous year, compared with the median forecast for a 2.0% rise from 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 1.3% in October, compared with an initial estimate for a 1.2% gain reported last month.
Measured on-month and on a seasonally adjusted basis, manufacturing output rose 6.1% in November, compared with no change in October. The poll had predicted a 2.1% fall in November.
Electronics production, which accounts for 27.4% of the total, surged 24.2% on year in November after an upwardly revised 25.3% on year gain in October.
Production in the highly unpredictable pharmaceuticals segment, which accounts for 15% of the total value of goods produced in Singapore, rose 36.1% on year in November after a 12.3% gain in October.
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 6.4% higher on year in November, compared with a 1.3% fall in the previous month, the data showed.
The transport engineering industry, however, remained a drag. Production in the offshore and marine industry, which primarily builds and repairs vessels for the oil and gas industry, declined 23.6% on year in November after a 46.4% decline in October. Production in the aerospace industry contracted 4.2% in November, reversing a 9.3% on year rise in the previous month.
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(END) Dow Jones Newswires
December 23, 2016 00:14 ET (05:14 GMT)
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