Singapore’s manufacturing output grew 7.6% in June 2012 year-on-year. Excluding biomedical manufacturing, output fell 1.5%.
The rise in June industrial output was primarily due to pharmaceuticals, which rose 68.7% year-on-year.
Economists had expected industrial production to rise 3.2% year-on-year and be unchanged month-on-month after seasonal adjustments, according to a Reuters poll of 13 economists.
DBS said before the data that a year-on-year increase of more than 2.6% in industrial production would probably result in an upward revision to second quarter GDP, assuming no changes in other areas such as services and construction.
Electronics output contracted 4.5% year-on-year, led by 18.1 fall in computer peripherals. For the first six months of 2012, electronics production declined 13.4% year-on-year.
Transport engineering grew 7.6% year-on-year, helped by a 8.1% rise in marine and offshore segment.
Singapore’s non-oil domestic exports rose 6.8% in June from a year earlier, beating the forecasts of all 14 economists polled by Reuters. On a seasonally adjusted month-on-month basis, NODX grew 6.7% after contracting 2.0% in May.
Singapore’s industrial production is difficult to predict because biomedical output tends to be highly volatile.
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