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Singapore’s industrial production unexpectedly fell for the third time in four months in April as manufacturers cut output of electronics and pharmaceuticals.
Manufacturing dropped 0.3 percent from a year earlier after a revised 3.1 percent decline in March, the Economic Development Board said today. The median of 17 economists surveyed by Bloomberg News was for a 4.1 percent gain. Output slipped a seasonally adjusted 3.5 percent from the previous month.
Asian policy makers, many of whom have cut interest rates this year, are under renewed pressure to support growth as the world grapples with the threat of a Greece exit from the euro. China’s manufacturing may shrink for a seventh month in May, a private survey showed yesterday, adding to signs of weakening demand for Asian goods that have emerged across the region as Malaysia, Thailand and the Philippines reported export declines.
“The easing of economic momentum in the advanced economies and China is likely to weigh down on activity in Singapore, driving subdued growth rates in both non-oil domestic exports and industrial production in the coming months,” Vincent Conti, a Singapore-based analyst at Australia & New Zealand Banking Group Ltd., said before the report.
Electronics production decreased 12.5 percent from a year earlier in April, while pharmaceutical output fell 7.6 percent after dropping 6.3 percent in March.
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