July 24, 2020 / 5:31 AM / 13 days ago

Singapore manufacturing drops 6.7% in June

FILE PHOTO: Passers-by walking in front of Singapore's central business district skyline, in Singapore, May 10, 2019. REUTERS/Kevin Lam/File Photo

SINGAPORE (Reuters) - Singapore reported on Friday a 6.7% drop in industrial output in June from a year ago, declining for the second straight month and missing forecasts, mainly due to a fall in pharmaceuticals manufacturing.

The median of eight economists’ forecasts was for a 0.8% rise, after the gauge dropped a revised 8.1% in May.

On a month-on-month and seasonally adjusted basis, industrial production increased 0.2% in June, data from the Singapore Economic Development Board showed. Economists had expected a 10.3% rise.

Reporting by Aradhana Aravindan and John Geddie in Singapore; Editing by Muralikumar Anantharaman

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