World Economy

Singapore Factory Output Fastest in 2 Years

Singapore Factory Output Fastest  in 2 YearsSingapore Factory Output Fastest  in 2 Years

Singapore’s industrial production last month posted its fastest growth in nearly two years, with the month-on-month output exceeding forecast, AsiaFirst reported. Data released by the Singapore Economic Development Board showed that the city-state’s manufacturing output in April rose 2.9% from a year earlier. The increase was the largest since August 2014, beating the median forecast of a 0.3% contraction. Despite the strong manufacturing performance in April, analysts remain wary over the outlook due to the current sluggish demand globally. Factory output was up 4.8% in April, on a month-on-month and seasonally adjusted basis, higher than the median forecast, with an increase of 0.8%. The Singapore Economic Development Board attributed the strong industrial performance to healthy output of electronics and pharmaceuticals. Singapore’s manufacturing sector has been a drag on the city state’s economy over the past year.