Sgx Singapore News Update : Epic Research Singapore

CONTRARY to expectations, Singapore's manufacturing sector slipped into contraction mode in May - for the first time since June last year. Factory output declined 2.5 per cent in May year-on-year, pulled down by drops in both the electronics and biomedical manufacturing clusters.

Economists polled by Bloomberg before the Singapore Economic Development Board (EDB) released the numbers on Thursday had been expecting industrial production to rise by 2.4 per cent.
Excluding the volatile biomedical sector - which contracted 9.2 per cent last month - output would have fallen by a smaller 0.5 per cent.

The electronics cluster - which retains the largest weight of 33.4 per cent on the industrial production index - proved to be the biggest drag on manufacturing output. Electronics production fell 7.5 per cent year-on-year in May; the semiconductors, computer peripherals, and data storage segments fell 6.4 per cent, 11.8 per cent, and 29.2 per cent respectively.

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