Biomedical manufacturing industry is worst performer.
SINGAPORE – Singapore’s manufacturing output shrank in June, reversing from a turnaround in the month before as chip production dropped.
The electronics industry, which accounts for nearly half of Singapore’s manufacturing production, saw output drop by 5.5 per cent year on year, after growing a revised 18.6 per cent in May. Maybank economist Chua Hak Bin said the manufacturing contraction in June suggests that Singapore’s gross domestic product for the second quarter of 2024 may be revised to about 2.7 per cent, down from the Ministry of Trade and Industry’s flash estimate of 2.9 per cent.
The biomedical manufacturing industry was the worst performer in June, with production plunging 23.2 per cent over the same month in 2023. In the precision engineering industry, output contracted 3.2 per cent year on year with all segments recording output declines. The printing segment rose 2 per cent, while the miscellaneous industries segment contracted 6.4 per cent, led by lower production of construction-related materials.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lower inflation in retail and services eases Singapore core inflation to 2.9% YoY in JuneThe core Consumer Price Index (CPI) remained flat month-on-month (MoM)
Read more »
Singapore's June headline inflation hits three-year low of 2.4%, MAS reviewing full-year forecastSingapore's headline inflation fell to a near three-year low in June, hitting 2.4%. Analysts said this marks the start of an easing momentum in inflation, which will provide some relief for households.
Read more »
Singapore core inflation dips to 2.9% in June; lowest in over 2 yearsSINGAPORE — Singapore’s core inflation in June dropped to 2.9 per cent year-on-year — the lowest in more than two years.
Read more »
Singapore core inflation dips to 2.9% in June; lowest in over 2 yearsSINGAPORE — Singapore’s core inflation in June dropped to 2.9 per cent year-on-year — the lowest in more than two years.
Read more »
Safety lapses found on Dutch dredging boat involved in June oil spill in SingaporeAn MPA inspection flagged 13 deficiencies, with 3 serious enough to warrant the vessel's detention.
Read more »
1 in 3 of Singapore’s wealthiest billionaires are not originally from SingaporeMost of the top billionaires who were not born in Singapore are from China, while some are from Malaysia and Indonesia.
Read more »