FAR outstripping economists’ median forecast, Singapore’s factory output jumped 21 per cent year on year in August, widening from July’s revised 2 per cent growth, Economic Development Board (EDB) data showed on Thursday (Sep 26).
In a Bloomberg poll, private-sector economists’ estimates had resulted in a median forecast of 8.6 per cent growth for August 2024.
Excluding the volatile biomedical sector, industrial production gained 27.5 per cent on year last month, up from the 3.6 per cent expansion in July.
On Thursday, EDB noted low bases in August 2023 for some segments of the electronics and chemicals clusters.
Factory output in the key electronics sector surged 49.1 per cent from the year-ago period in August, higher than the preceding month’s 2.9 per cent year-on-year climb.
The improved performance was “supported by improved electronics demand as well as a low semiconductor production base in August last year”, EDB said.
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All segments charted growth, with semiconductors up 54.6 per cent, infocomms and consumer electronics up 28.6 per cent, other electronic modules and components up 21.5 per cent, and computer peripherals and data storage up 18.4 per cent.
In addition to electronics, all clusters excepting biomedical manufacturing reported growth:
Chemicals (11.1 per cent)
Precision engineering (7.9 per cent)
Transport engineering (3.9 per cent)
General manufacturing (2.5 per cent)
Within the chemicals cluster, the specialties segment led growth, expanding 34.2 per cent, on the back of higher production of mineral oil additives, food additives and industrial gases.
The petrochemicals segment climbed 16 per cent from a low base last year due to plant maintenance shutdowns, the other chemicals segment grew 4.1 per cent with higher output of fragrances, and the petroleum throughput remained largely unchanged.
Meanwhile, although transport
