Singapore’s industrial production grew at a faster pace than economists estimated, spurred by a surge in the electronics and pharmaceuticals industries.

 

Output at factories, which accounts for about a quarter of the economy, surged 51% in April from a year earlier, after a revised 46.6% surge in March, the Economic Development Board said in a statement today. That’s the fifth straight month of growth. The median estimate of five economists surveyed by Bloomberg News was for a 20.7% gain.

 

Singapore’s central bank has joined Asian neighbors in tightening monetary policy as the region leads a global rebound, saying April 14 it would undertake a one-time revaluation and seek a gradual and modest appreciation of the currency. The island’s economy expanded an annualized 38.6% in the first quarter from the previous three months.

 

Singapore’s non-oil domestic exports climbed 29.4% from a year earlier in April as electronics shipments increased from companies such as Venture Corp., the island’s biggest electronics contract manufacturer.

 

The island’s US$182 billion ($256 billion) gross domestic product will increase 7% to 9% in 2010, the trade ministry said last month, raising a previous forecast for growth of as much as 6.5%.

 

Singapore’s industrial production rose a seasonally adjusted 24.3% in April from March, when it fell a revised 0.8% from a month earlier.

 

Electronics production jumped 60% from a year earlier, following a revised 76.9% gain in March. Pharmaceutical output advanced 101.7%. Excluding biomedical manufacturing, overall production expanded 31% in April from a year earlier.

 

Production of pharmaceuticals is volatile because some drugs take longer to make and contain higher-value ingredients than others, leading to spikes and dips in output. Companies such as GlaxoSmithKline Plc also shut plants for cleaning before making different products.