SINGAPORE: Singapore’s industrial production in November rose at the fastest annual pace in more than 2½ years as electronics output jumped, a welcome boost to an economy flirting with recession.
Singapore’s economy has been on the ropes in the last two years as exports fell away amid slow world growth, putting manufacturers under intense pressure as sales and profits took a hit.
So the data from the Singapore Economic Development Board on Friday, showing manufacturing output rose 11.9 per cent from a year earlier in November, would be a relief to the beleaguered industry.
The growth was the fastest year-on-year increase since March 2014 and well above the median forecast of 1.6 per cent growth in a Reuters survey. Given the strong output data, the risk of the economy slipping into recession can probably be ruled out, said Francis Tan, an economist for United Overseas Bank. — Reuters