Singapore’s industrial production grew at its slowest pace in two years in December, driven by a slump in pharmaceuticals production.
The manufacturing output in the previous month fell for the first time in nearly 1-1/2 years at 3.9 per cent from a year earlier, data from the Singapore Economic Development Board showed on Friday.
The median forecast in a Reuters survey predicted a 0.5 per cent expansion.
The industrial production fell 2.0 per cent in December, on a month-on-month and seasonally adjusted basis.
The unexpected decline in the month was largely attributed to a year-on-year 43.6 per cent contraction in pharmaceuticals output, a sector known for its volatility due to large variations in the size of export batches.
Electronics output in December grew 4.2 per cent from the year earlier, moderating significantly from months of double digit growth.
In November, the industrial production rose a revised 5.6 per cent from a year earlier, prompting a downward revision of the city-state’s fourth quarter GDP.