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Singapore output up 2.5 percent in June: govt

ezez11

Alfrescian
Loyal
Friday July 25, 2:13 PM
Singapore output up 2.5 percent in June: govt
Singapore's manufacturing output rose 2.5 percent in June compared with the same month last year, the government said Friday, but the increase was lower than analysts forecast.

A poll of economists by Dow Jones Newswires had tipped a gain of 3.1 percent.

On a seasonally adjusted month-on-month basis, production increased 4.5 percent from May, the Economic Development Board (EDB) said, adding that cumulative output for the first half of the year grew 3.6 percent from 2007.

According to preliminary government data, biomedical manufacturing grew 4.0 percent in June, with the volatile pharmaceuticals segment up 5.7 percent year-on-year after falls in the previous two months.

Transport engineering grew by 8.0 percent overall, with the marine and offshore engineering segment up 12.6 percent due to more ship building and repairs, the EDB said.

Electronics output grew 2.7 percent overall despite a drop of 15.8 percent in the information and communications and consumer electronics segment, it said.

Chemicals grew by 1.5 percent in June although petrochemicals fell 1.1 percent while several planned maintenance shutdowns occurred, EDB said.

Food, beverage and other general manufacturing industries grew 0.6 percent compared with the same month last year while precision engineering was the only sector in which output fell -- down 2.8 percent for the month, the data showed.

Singapore's monthly manufacturing report is widely monitored as the sector accounts for a major chunk of the city state's gross domestic product, which totalled 243 billion Singapore dollars (178 billion US) in 2007.

Southeast Asia's most advanced economy expanded at its weakest pace in five years during the quarter ended in June, reflecting wider concerns Singapore's open economy is getting bruised by a global slowdown.

The 1.9 percent second-quarter growth marked an easing from the 6.9 percent expansion recorded in the previous three months, the government said.

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The US economic is slow down, but the oil price is still high and inflation is highest in decade.

Do you worry about your job and economic outlook?
 
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