Singapore Factory Output Surprises With Small Gain in September

(Bloomberg) -- Singapore’s factory output unexpectedly increased in September as a slump in electronics moderated and pharmaceuticals production surged.

Industrial production rose 0.1% from a year earlier, the Economic Development Board said in a statement Friday. All 12 economists in a Bloomberg survey predicted a contraction ranging from 1.8% to 12%. On a seasonally adjusted monthly basis, production climbed 3.7%.

Electronics continued to contract, but the 9.6% decline was milder than August’s 25% plunge. Pharmaceuticals surged 26.2% in September from a year ago, while petrochemicals gained 6.9%.

Singapore’s central bank chief said earlier this week that the economy was set for a recovery in a few quarters time, although it probably won’t be a “robust” one. The government’s forecast is for economic growth to slow to 0%-1% this year.

--With assistance from Myungshin Cho.

To contact the reporter on this story: Sarina Yoo in Seoul at kyoo3@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Michael Heath

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