While the pace of decline eased from the 7.4% registered in May, it falls short of the 2.6% overall contraction forecast by private-sector economists in a Bloomberg poll.
Singapore’s factory output remained in the red with a 6.7% year-on-year contraction in June, following volatility in the biomedical cluster. This marks the metric’s second straight month of decline.
Excluding the biomedical cluster, output surged 2.1%, according to data released by the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry (MTI).
