Singapore factory production down 12.8% in May: govt

0 Comments | AFP, June, 2008

SINGAPORE (AFP) — Singapore's industrial sector in May performed worse than expected, raising concerns the economy may miss the government's 4.0-6.0 percent annual growth target, economists said Thursday.

The Economic Development Board's monthly report showed output from the industrial sector shrank an annual 12.8 percent last month, pulled down by a hefty 55.1 percent drop in biomedical output.

Analysts had projected a fall of 2.5 percent for May.

On a seasonally adjusted basis, industrial output in Southeast Asia's most advanced economy last month fell 5.7 percent from April, the EDB said.

"Production in May dropped 12.8 percent compared to the same month last year, largely due to a contraction in the biomedical manufacturing cluster," said the...