24 Jun '11, 5am

Singapore's May industrial output down 17.5% on-year

Singapore's May industrial output down 17.5% on-year

SINGAPORE: Singapore's industrial output continued its downward trend last month, as demand for semiconductors eased and pharmaceutical production fell. Data released by the Singapore Economic Development Board (EDB), said manufacturing output declined a worse than expected fall of 17.5 per cent on-year in May. This follows the 9.5 per cent on-year drop recorded in April, which was the first time industrial output had fallen since November 2009. It was also a more severe decline than the 8.7 per cent contraction forecast by economists. EDB said if output from the biomedical cluster is excluded, overall output would have in fact risen 2.3 per cent. The biomedical manufacturing cluster led declines, plunging 42.1 per cent in May year-on-year. This was mainly due to the pharmaceuticals segment which contracted 43.2 per cent due to a different mix of active pharmaceutical ingr...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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