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Singapore’s marginal growth in manufacturing

24 August 2012
Channel NewAsia – Asia Business Tonight

Singapore’s marginal growth in manufacturing

Singapore’s manufacturing output grew marginally by 1.9 per cent in July, a figure worse than expected. With this decline and a weak start to the third quarter, the possibility of a technical recession has risen. Leon Perera, Chief Executive Officer of Spire Research and Consulting, was invited to share his thoughts on Channel NewAsia – Asia Business Tonight.

Perera mentioned that the possibility of a technical recession cannot be ruled out. Highlighting the figures, he said industrial production (IP) was only about 25 per cent of GDP but the financial and business services sectors were also affected by the banking situation in Europe. Though the tourism industry had seen growth, it could not offset the decline in manufacturing output.

The 9 per cent drop in the manufacturing output figures in July versus the preceding month marked the sharpest drop in more than 1.5 years. The electronics sector remained weak, with a decline of 5.8 per cent in July year-on-year. Pharmaceuticals growth had also moderated to 13.2 per cent; down from a 69 per cent jump in June.

Taking a worldwide perspective, global manufacturing in terms of the Purchasing Managers’ Index (PMI) in the Eurozone and China was also sinking. The possibility of external demand conditions remaining soft in the third quarter was high.

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