Singapore’s manufacturing output up in April

Singapore’s Economic Management Board on May 24 reported that the island state’s manufacturing output rose in April thanks to higher pharmaceuticals production. 
Illustrative image (Source: Internet)
Illustrative image (Source: Internet)

Specifically, industrial production rose by 0.1 percent month-on-month, fueled by a 10.9 percent increase in biomedical manufacturing. 

As of March 31, Singapore’s gross domestic product went up 1.2 percent year-on-year, lower than a 1.3 percent growth in the fourth quarter of last year. 

After the data were announced, policymakers have revised down Singapore’s 2019 GDP growth to 1.5-2.5 percent from 1.5-3.5 percent. 

Meanwhile, consumer price index in Singapore’s neighbor Malaysia edged up 0.2 percent annually in April, mostly due to higher costs in land, education, food and beverages, restaurant and hotel services. 

Earlier, the Bank Negara Malaysia said the country’s GDP expanded by 4.5 percent in the first quarter this year, lower than a 4.7 percent growth in the fourth quarter 2018. 

Economist Alex Holmes forecast that the Malaysian economy could slow in the coming years due to weaker consumption and exports.