Singapore: Manufacturing production recovers in February
March 26, 2012
In February, manufacturing output increased 12.1% over the same month last year, which contrasted the 9.6% contraction tallied in January (previously reported: -8.8% year-on-year). The reading, however, came in below of market expectations that had manufacturing production rising 18.4%. The rebound was supported by the biomedical cluster, which surged 38.3% in February on the back of robust growth in medical technology as well as in the highly volatile pharmaceutical sector. Meanwhile, the electronics cluster remained in the red, despite a boost stemming from the recovery after the floods in Thailand. A month-on-month comparison, however, does not corroborate the improvement suggested by the annual figures, as manufacturing production declined 1.1% in February, which contrasted the 2.4% increase seen in January. Nevertheless, annual average growth inched up from 4.9% in January to 5.0% in February.