Singapore March manufacturing output weaker than expected

Fri Apr 26, 2013 12:59am EDT

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SINGAPORE, April 26 (Reuters) - Singapore's Economic
Development Board (EDB) on Friday released the following
industrial production data for March:
    (change in percentage terms)
    
               Mar    Feb*   Jan*   Dec*   Nov*   Oct*   Sep*
 m/m s/adj     6.2    -0.6   -8.9    7.0    1.2    1.1   -1.9
 y/y           -4.1   -16.3   0.2    1.6    2.8   -5.0   -3.6
    
  Excluding Biomedical
                 Mar     Feb*    Jan*
 m/m s/adj       0.0     -0.3    -3.6
 y/y            -8.6    -15.9    4.1
 * revised
        
    CONTEXT    
    - Economists polled by Reuters had a median forecast for
growth of 8.1 percent month-on-month after seasonal adjustments.
Industrial production was forecast to fall by 3.0 percent from a
year earlier. 
    - Electronics production in March fell 7.2 percent from a
year earlier. The index for electronics production, however,
rose to 93.5 in March -- the highest level in nine months.
    - Pharmaceutical production in March rose 15.8 percent from
a year earlier. The index for pharmaceuticals rose to 126.2 in
March from 88.6 in February.
    - The marine and offshore engineering segment contracted
19.0 percent year-on-year in March due to lower output
recognition from oil rig projects and ship building and
conversion jobs, EDB said.
    - Singapore's non-oil domestic exports (NODX) rose 8.0
percent in March from February after seasonal adjustments,
beating expectations, as a surge in pharmaceuticals offset
continued weakness in electronics. 
    - Although Singapore exports most of what it produces, there
is sometimes a time lag between production and shipment. Exports
data is reported in Singapore dollars, while industrial
production data is based on an index that takes into account
volume. 
    For the full set of data, please click on
www.singstat.gov.sg

 (Reporting by Kevin Lim; Editing by Jacqueline Wong)
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