March 26, 2020 / 5:29 AM / 3 days ago

Singapore factories post biggest output drop on record as virus bites

FILE PHOTO - A view of factories in Singapore July 24, 2018. REUTERS/Edgar Su

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

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