Singapore's industrial output beat forecasts to rise 24.2% year-on-year in September, its fastest pace in nine years, boosted by pharmaceutical manufacturing more than doubling during the month, official data showed on Monday.
Economists had expected a 2.5% increase, according to the median of their forecasts in a Reuters poll. The rise was the biggest since December 2011.
On a month-on-month and seasonally adjusted basis, industrial production increased 10.1% in September, data from the Singapore Economic Development Board showed. Economists had expected a 7.8% decline.
Pharmaceutical output grew 113.6% on year with higher output of active pharmaceutical ingredients and biological products. Electronics output grew 30.1% led by the semiconductors segment.