Singapore’s industrial production growth moderated more than expected in December, preliminary data from the Economic Development Board revealed on Monday.
Industrial production advanced 8.3 percent year-on-year in December, much slower than the 18.2 percent surge in November. The expected increase was 10.1 percent. Further, this was the weakest growth since the rising trend began in September.
Excluding biomedical manufacturing, industrial production advanced 16.0 percent annually in December versus a 9.1 percent increase in the prior month.
On a monthly basis, industrial production declined 13.3 percent in December after falling 7.8 percent in November.
Among the major clusters, electronics output grew 30.8 percent annually in December, led by the semiconductors segment, which grew 32.4 percent on sustained and strong demand for AI-related products.
Transport engineering output was 19.9 percent higher, and precision engineering segment expanded 3.4 percent. Meanwhile, biomedical manufacturing output plunged 38.8 percent from last year.
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