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)