Industrial production posts biggest crash in two years with 5.5% contraction in March

Blame it on pharma and electronics.

Singapore’s industrial production (IP) contracted 5.5% year-on-year in March, driven by declines in the notoriously volatile pharmaceuticals and electronics segments.

According to UOB, this is the worst print since February 2013 but is still slightly better than consensus estimates of a 5.8% year-on-year contraction.

Pharmaceutical production declined 13.9% year-on-year in Marchm while total electronics output fell by 5.2% year-on-year.

Another drag was the transport engineering cluster, which entered its ninth consecutive month of decline with a 15.6% year-on-year contraction in March.

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