Singapore’s industrial output unexpectedly rose at the slowest pace in nine months, heralding slower economic growth after a record expansion in the first half of the year.
Manufacturing, which accounts for about a quarter of the economy, climbed 8.1 percent last month from a year earlier, after a 9.9 percent gain in July, the Singapore Economic Development Board said in a statement yesterday. The median estimate of 10 economists surveyed by Bloomberg News was for an 11.7 percent gain.
Industrial production fell a seasonally adjusted 6.3 percent last month from July, when it rose 1.5 percent from the previous month,the report showed.
Electronics production rose 32.8 percent from a year earlier after climbing 25.2 percent in July and 52.4 percent in June. Pharmaceutical output dropped 30.8 percent.
Overseas demand for goods by Asian manufacturers such as Singapore-based Hi-P International Ltd, whose customers include BlackBerry maker Research in Motion Ltd, may cool as the global recovery slows.
Singapore’s economy, which expanded an unprecedented 17.9 percent in the first half of this year, will moderate in the coming months, Singaporean Prime Minister Lee Hsien Loong (李顯龍) said last month.
“Singapore’s reliance on global demand remains,” said Vishnu Varathan, an economist at Capital Economics (Asia) Pte in Singapore. “A bumpy recovery in the global economy could dampen strong upswings in manufacturing activity from here.”
The country’s non-oil domestic exports climbed 31.2 percent from a year earlier last month, after a revised 18.3 percent gain in July, a report showed on Friday last week. Still, manufacturing contracted for the first time in 16 months last month, according to the Singapore Institute of Purchasing & Materials Management’s purchasing managers’ index.
Growth in Europe’s services and manufacturing industries weakened more than economists forecast this month, adding to evidence the recovery in the region is losing steam, a report showed on Thursday.
A composite index based on a survey of euro-area purchasing managers in both industries declined to 53.8 from 56.2 lat month, London-based Markit Economics said.
Economic expansion in the US and China has also slowed.
INCREASED RISK: The Omicron BA.2.75 subvariant has higher immune evasive capacity, but the CECC is more concerned about newer subvariants such as XBB and BQ.1 With the peak season for infectious respiratory diseases coming to an end, the Central Epidemic Command Center (CECC) yesterday said that details of the next phase of lifting COVID-19 masking rules — removing the mask requirement in most indoor settings — are to be announced this week. Discussions on lifting other COVID-19 restrictions are also being held, including further easing border control measures, home isolation requirements and revising the definition for reporting cases, while also downgrading COVID-19 to a lower category of notifiable communicable disease, said Deputy Minister of Health and Welfare Victor Wang (王必勝), who heads the CECC. As the daily
GUT FEELING: In the leaked memo, US Air Force General Mike Minihan urged mobile command personnel to go to a firing range, shoot at a target and ‘aim for the head’ A four-star US Air Force general has warned of a conflict with China as early as 2025 — most likely over Taiwan — and urged his commanders to push their units to achieve maximum operational battle readiness this year. In an internal memorandum that first emerged on social media on Friday, and was later confirmed as genuine by the Pentagon, Air Mobility Command Commander General Mike Minihan said that the main goal should be to deter “and, if required, defeat” China. “I hope I am wrong. My gut tells me we will fight in 2025,” Minihan said. Minihan said that Taiwan’s presidential election
PEACE AND STABILITY: The two nations called for the peaceful resolution of cross-Taiwan Strait issues through dialogue without the threat or use of force or coercion The Ministry of Foreign Affairs yesterday thanked France and Australia for voicing their support for Taiwan, saying that peace across the Taiwan Strait is crucial to the stability and prosperity of international society. France and Australia on Monday pledged to deepen ties with Taiwan and reiterated their support for its participation in international organizations at this year’s Foreign and Defense Ministerial Consultations in Paris. The meeting between French Minister for Europe and Foreign Affairs Catherine Colonna, French Minister of the Armed Forces Sebastien Lecornu, Australian Minister for Foreign Affairs Penny Wong (黃英賢) and Australian Minister for Defence Richard Marles was the second
DEMOCRATIC SYSTEM: Czech president-elect Petr Pavel said his nation stands firmly on the side of democracy and would boost cooperation with Taipei in all aspects Czech president-elect Petr Pavel spoke by telephone with President Tsai Ing-wen (蔡英文) yesterday, a highly unusual move given the lack of formal ties and a diplomatic coup for Taipei. Tsai spoke with Pavel for 15 minutes in a harmonious atmosphere, Presidential Office spokeswoman Lin Yu-chan (林聿禪) said, adding that Minister of Foreign Affairs Joseph Wu (吳釗燮) was also present during the conversation. Lin quoted Pavel as telling Tsai that Taiwan is a trustworthy partner, adding that the Czech Republic stands firmly on the side of democracy and supports Taiwan in maintaining a lively democratic system free from authoritarian coercion. The Czech Republic would