Singapore's manufacturing output continued to moderate last month, according to a press release from the Economic Development Board yesterday.
Monthly Manufacturing Performance - October 2004
Total manufacturing output increased by 2.4% in October compared to October 2003. The growth achieved by the transport engineering, electronics and chemicals clusters was moderated by the contraction in the biomedical manufacturing cluster. Excluding the biomedical manufacturing cluster, the October growth rate was 9.1%. The three-month moving average growth for total manufacturing was 6.4% while the seasonally adjusted month-on-month growth was 5.1%. Cumulatively, total manufacturing output grew by 13.0% in the first ten months this year compared to output in the same period last year.
Hong Kong is also seeing a slowdown, with GDP rising a seasonally-adjusted 1.9 percent in the third quarter from the previous quarter, after rising 2.6 percent in the second quarter. From a year earlier, third quarter GDP was up 7.2 percent, down from 12.1 percent growth in the second quarter.
In Indonesia, the economy accelerated in the third quarter to achieve 5.03 percent growth from a year earlier, faster than the second quarter growth of 4.54 percent.
Overall, there is nothing in the figures to suggest a looming disaster for these economies, although the continued weakness in the US dollar and the resilience of oil prices bear watching.