February 26, 2019 / 5:01 AM / 8 months ago

Singapore Jan factory output hits 2-1/2-year low, shrinks 3.1 pct

SINGAPORE, Feb 26 (Reuters) - Singapore’s industrial production shrank to its lowest in two-and-a-half years in January as its electronics manufacturing further declined, data showed on Tuesday.

Manufacturing output in January fell 3.1 percent from a year earlier, data from the Singapore Economic Development Board showed. The median forecast in a Reuters survey predicted a 3.0 percent contraction.

This was the biggest contraction since July 2016, when manufacturing output fell 3.3, Reuters data showed.

On a month-on-month and seasonally adjusted basis, industrial production rose 0.9 percent in January, missing the poll’s median forecast calling for a 2.0 percent expansion.

In December, Singapore’s manufacturing output grew a revised 1.7 percent from the year earlier and fell a revised 5.2 percent on a month-on-month, seasonally adjusted basis.

Electronics production in January fell 13.7 percent from a year earlier, declining further from the 11.5 percent contraction seen in December.

Earlier in February, Singapore reported its slowest on-year economic growth in more than two years for the fourth quarter, and the city-state’s trade ministry warned that manufacturing is likely to face a significant moderation this year. (Reporting by Fathin Ungku; Editing by Gopakumar Warrier)

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