[h=1]Singapore Feb industrial output drops more than expected[/h]
Tue Mar 26, 2013
SINGAPORE, March 26 (Reuters) - Singapore's Economic Development Board (EDB) on Tuesday released the following industrial production data for February: (change in percentage terms) Feb Jan* Dec* Nov* Oct* Sep* Aug m/m s/adj -0.7 -9.1 6.9 1.4 0.8 -1.8 -2.5 y/y -16.6 -0.1 1.6 2.8 -5.1 -3.5 -2.8 Excluding Biomedical Feb Jan* Dec* m/m s/adj -0.7 -3.6 3.0 y/y -16.2 4.0 -2.4 * revised CONTEXT - Economists polled by Reuters had a median forecast for contractions of 10.5 percent year-on-year and 0.5 percent month-on-month after seasonal adjustments. - The drop in February industrial production was partly due to the Lunar New Year holidays that began on Feb. 10 this year. The holidays started on Jan. 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. - 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. For the full set of data, please click on www.singstat.gov.sg (Reporting by Kevin Lim)</pre>
Tue Mar 26, 2013
SINGAPORE, March 26 (Reuters) - Singapore's Economic Development Board (EDB) on Tuesday released the following industrial production data for February: (change in percentage terms) Feb Jan* Dec* Nov* Oct* Sep* Aug m/m s/adj -0.7 -9.1 6.9 1.4 0.8 -1.8 -2.5 y/y -16.6 -0.1 1.6 2.8 -5.1 -3.5 -2.8 Excluding Biomedical Feb Jan* Dec* m/m s/adj -0.7 -3.6 3.0 y/y -16.2 4.0 -2.4 * revised CONTEXT - Economists polled by Reuters had a median forecast for contractions of 10.5 percent year-on-year and 0.5 percent month-on-month after seasonal adjustments. - The drop in February industrial production was partly due to the Lunar New Year holidays that began on Feb. 10 this year. The holidays started on Jan. 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. - 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. For the full set of data, please click on www.singstat.gov.sg (Reporting by Kevin Lim)</pre>
