In January, Singapore experienced an expansion in its industrial production, driven by significant growth within its transport and precision engineering sectors, according to the Economic Development Board.
Compared to the previous year, industrial production increased by 1.1% in January, marking a turnaround from the 2.4% decrease observed in December. This fell short of predictions by economists, who had projected a 4.5% rise for the month.
Factoring out bio-medical manufacturing, there was a robust annual growth of 5.4% in industrial production in January, a noticeable increase from the modest 0.6% increase in the preceding month.
However, on a monthly basis, industrial production saw a rapid decline of 5.7% in January, a severe downturn compared to December's 1.3% drop.
Notably, of all major sectors, the transport engineering segment saw the highest annual increase in production at 43.5% in January, closely followed by precision engineering, which saw a significant spike of 27.7%.
On the contrary, biomedical manufacturing output suffered a steep fall of 25.9%, and electronics output dipped by 3.4%.
