Singapore’s manufacturing output increased by 0.5% y-o-y in August, moderating from the 2.2% growth seen in June and the 0.6% growth in July.
Despite the figure, which marked the slowest y-o-y growth since September 2021, August’s figure marks an improvement in m-o-m terms after two straight months of contraction. The y-o-y growth also surprised Bloomberg’s forecast for a 0.7% contraction print.
The main drags during the month were due to the electronics and chemical clusters, which registered y-o-y declines of 7.8% and 11.2% respectively. These were mitigated by the y-o-y growths seen in the rest of the clusters.