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Singapore's April output seen down year-on-year, manufacturers pressured
May 24, 2016 / 3:06 AM / a year ago

Singapore's April output seen down year-on-year, manufacturers pressured

SINGAPORE (Reuters) - Singapore’s industrial production in April is forecast to have contracted from a year earlier, a Reuters poll showed, underscoring the headwinds the manufacturing sector faces from sluggish global demand.

Workers look as a container ship is unloaded at a berth in a PSA International port terminal in Singapore September 25, 2013. REUTERS/Edgar Su/File Photo

The median forecast in the survey of 13 economists was for industrial output to fall 0.3 percent in April year-on-year, after declining 0.5 percent in March.

On a month-on-month and seasonally adjusted basis, manufacturing output is seen rising 0.8 percent, the Reuters poll showed.

The April industrial production data is due on Thursday, May 26 at 1 p.m. local time (0500 GMT).

Data released last week showed that Singapore’s non-oil domestic exports fell sharply in April from a year earlier, reinforcing the weak outlook for the trade-reliant economy.

On top of pressure faced by exporters from slack global demand, Singapore’s manufacturing sector has also taken a hit from a slide in global oil prices seen over the past two years.

That has depressed demand for oil rigs built by the city-state’s rig-building industry. Marine and offshore engineering output has slid nearly 30 percent in the first three months of 2016 compared to the same period a year earlier.

Reporting by Masayuki Kitano; Editing by Shri Navaratnam

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