September 26, 2012 / 5:00 AM / 5 years ago

Singapore Aug industrial output falls 2.2 pct y/y

SINGAPORE, Sept 26 (Reuters) - Singapore's Economic
Development Board on Wednesday released the following industrial
production data for August:
    (change in percentage terms)
    
               Aug    Jul    Jun     May     Apr    Mar    Feb
 m/m s/adj    -2.3   -8.7*  +4.4*   +3.0*   -4.5   +2.8   -1.1*
 y/y          -2.2   +2.5*  +8.2*   +6.8*   -1.2   -2.9   +12.2
 
  Excluding Biomedical    
                Aug    Jul   Jun    May     Apr    Mar    Feb
 m/m s/adj     -2.7   -3.8*  -3.2*  +0.7*  -1.1   +3.3*  -0.3*
 y/y           -5.4   +0.1*  -0.9*  +2.3   +0.7   -3.1    +7.2
 * previous months data have been revised.
        
    CONTEXT
    - The fall in August industrial output was due primarily to
electronics, which fell 7.3 percent year-on-year, following
year-on-year declines of 5.3 percent and 5.0 percent in July and
June, respectively.
    - Economists had expected industrial production to rise 1.1
percent year-on-year but stay unchanged month-on-month after
seasonal adjustments.
    - Singapore's Economic Development Board said the drop in
electronics output from a year earlier was due to "continued
weak export demand". For the first eight months of 2012,
electronics production fell 12 percent from the same period last
year.
    - Pharmaceuticals production rose 13.6 percent in August
from a year earlier, while output from the marine and offshore
engineering cluster, which includes oil rigs and tends to be
volatile from month to month, fell 27.2 percent from a year
earlier.  
    - Economists had said a weak August industrial production
number will raise fears of a second straight quarterly
contraction in July-September that will push Singapore into a
technical recession and increase pressure on the central bank to
ease monetary policy next month. 
    - Singapore's non-oil domestic exports fell by a
more-than-expected 9.1 percent in August from July after
seasonal adjustments as exports to the European Union plunged.
 
    - The Purchasing Manager's Index (PMI) had also pointed to a
contraction in manufacturing, staying below the 50-point level
for a second straight month in August. 
    - Singapore's industrial production is difficult to predict
because pharmaceuticals and oil rigs tend to be highly volatile
from month to month.

 (Reporting by Kevin Lim; Editing by Sanjeev Miglani)

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