Singapore factory output surges in February
SINGAPORE'S industrial output surged 12.8 per cent last month from that of a year ago, the largest jump in at least two years, thanks to strong biomedical, electronics and transport engineering activity.
Manufacturing growth accelerated sharply from January's year-on-year pace of 4.4 per cent, but still came in slightly below the market's expectations.
The 19 economists polled by Bloomberg prior to the data's release had a median growth forecast of 12.9 per cent.
Although the biomedical manufacturing cluster grew 19.3 per cent last month from that of a year ago, it was not the sole driver of growth.
Excluding the biomedical cluster, output would still have risen 11.2 per cent year-on-year, the Economic Development Board (EDB) said yesterday.
Other drivers of manufacturing growth last month included the electronics cluster, which expanded 14.8 per cent year-on-year.
Transport engineering grew 11.1 per cent year-on-year, largely thanks to a 30.9 per cent expansion in its land transport segment, which benefited from higher orders for production and assembly of vehicle parts.
Manufacturing output spiked 6.2 per cent from January's, after seasonal adjustments. Excluding biomedical manufacturing, output rose 3.8 per cent month-on-month, EDB said.
THE BUSINESS TIMES