Pharma fuels unexpected jump in Singapore manufacturing in March

Output rose 21.7% on a month-on-month and seasonally adjusted basis, data from the Singapore Economic Development Board showed, the biggest jump since January 2011. The median of six economists’ forecasts was for a 2% fall.

On a year-on-year basis, output rose 16.5% - the biggest increase since January 2018 - and was well above expectations for a 6.3% drop.

Pharmaceutical output increased 126.6% year-on-year, with higher production of active pharmaceutical ingredients and biological products. Shipments of pharmaceuticals pushed Singapore’s annual exports up 17.6% in March, data last week showed.