Singapore March manufacturing output weaker than expected
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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