January Factory Output in Singapore Rose to 17.9%

The data released on Monday indicates that the industrial production of Singapore shows better-than-expected figures for the month of January, this is because of the increase in electronics output.

According to the figures of Singapore Economic Development Board, the manufacturing output for January gained 17.9 percent a year earlier. The rise occurred on the back of a major decline in the past two years of the previous month. While median forecast based on the Reuters polls projected an 8.2 percent growth.

Moreover, the industrial production expanded by 6.7 percent based on a seasonal adjustment and month-on-month rates. At the same time, the median estimate is 4.7 percent increase. On one hand, January electronic output escalated by 32.4 percent a year earlier versus the revised forecast of 4.4 percent growth in December.

Factories in Singapore reported year-on-year output fell in two years in December, with a downward revision of 3.4 percent on year and dropping a 0.5 percent on a seasonally adjusted month-on-month basis.