Singapore September factory output surpasses forecasts
Singapore's industrial output unexpectedly soared in September, thus increasing the overall prospect of an upward revision to third-quarter GDP, though the outlook is still clouded by sluggish global demand.
In September, manufacturing output ascended 6.7% from a year earlier, data from the Singapore Economic Development Board demonstrated on Wednesday. In a Reuters poll, the median forecast was a soar of 0.6% year-on-year.
The 6.7% year-on-year rise in industrial output happens to be the biggest annual expansion since March 2014.
Solid increases in the output of electronics as well as pharmaceuticals helped to raise overall production. Electronics output soared 15.9$ from a year earlier. Pharmaceuticals output leapt 26.9% having dropped 14.1% in both August and July.
By the way, earlier this month, Singapore's major bank held policy intact notwithstanding a surprisingly steep economic contraction in the third quarter.