Singapore February Industrial Output Drops More Than Expected
Singapore's industrial output fell 16.6 percent in February from a year earlier, worse than a median forecast of a contraction of 10.5 percent according to Reuters.
The drop in February industrial production was partly due to the Lunar New Year holidays that began on February 10 this year. The holidays started on Jananuary 23 last year.
Singapore's industrial production fell 8.6 percent in January and February compared with the first two months of 2012.
Electronics production fell 21.1 percent in February from a year earlier. For the first two months of 2013, electronics fell 12.3 percent.
Pharmaceutical production fell 20.3 percent in February from a year earlier. For the first two months of 2013, pharmaceuticals fell 20.8 percent.
Singapore's non-oil domestic exports plunged far more than expected in February from a year earlier, hurt by a sharp drop in pharmaceuticals and oil rigs.
The city-state's economy will likely grow 2.8 percent this year, slightly faster than earlier expected, helped by a pick-up in manufacturing and financial services, according to a central bank survey.
(Read More: Singapore 2013 Growth Tipped at 2.8%)
The bulk of the growth is likely to come in the second half of the year, with economists forecasting 0.8 percent year-on-year growth for the first three months of 2013.
Although Singapore exports most of what it produces, there is sometimes a time lag between production and shipment. Export data is reported in Singapore dollars, while industrial production data is based on an index that takes into account volume.