S'pore could slip into technical recession

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Singapore's industrial production fell 2.2 per cent on-year in August, faring worse than market expectations of a marginal increase.

Month-on-month, the manufacturing output declined 2.3 per cent, according to the Economic Development Board.

In July, industrial production rose 2.5 per cent on-year and fell by 8.7 per cent on-month.

Some economists said Singapore is likely to slip into a technical recession in the third quarter of this year.

A technical recession refers to two consecutive quarters of GDP contraction.

Weaker global demand for electronics exports continued to put a drag on Singapore's industrial production.

The output for the electronics cluster fell 7.3 per cent on-year in August, compared against the 5.3 per cent drop in the previous month.

The other poor performer was the transport engineering sector, which saw output slump 20 per cent on-year, reversing the 6 per cent gain in July.