Singapore's manufacturing output continued to contract for a seventh straight month, with the slump deepening in April, raising the risk of the economy slipping into a technical recession.
Factory output fell 6.9 percent year on year in April, after falling a revised 3.8 percent in March, according to data released by the Economic Development Board on Friday. The drop was worse than the 4.5 percent contraction forecast by analysts in a Bloomberg poll.
Excluding volatile biomedical manufacturing, production shrank 6.1 percent.
April's gloomy data aligns with the warning by the Ministry of Trade and Industry (MTI) on Thursday that the outlook for Singapore's economy has weakened, with the electronics down cycle likely to be deeper and more prolonged than it had earlier projected.
The linchpin electronics cluster, which accounts for 45 percent of Singapore's export-driven manufacturing sector, saw output drop 8.7 percent in April from a year ago.
This story is from the May 27, 2023 edition of The Straits Times.
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This story is from the May 27, 2023 edition of The Straits Times.
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