SINGAPORE (Reuters) - Singapore’s industrial output fell at a record pace in February from the previous month, data showed on Thursday, well below economists’ already bearish predictions due to the coronavirus pandemic.
On a month-on-month and seasonally adjusted basis, industrial production fell 22.3% in February, according to data from the Singapore Economic Development Board.
That was the biggest contraction in official records going back to 1983, and far more than the median forecast in a Reuters poll for an 11.5% fall.
Manufacturing output fell 1.1% on-year, slightly better than the forecast drop of 2.0% with a jump in pharmaceutical output helping to offset declines in the electronics segment.
Reporting by Aradhana Aravindan and John Geddie in Singapore; Editing by Tom Hogue