Thursday, Singapore's Economic Development Board or EDB announced that the industrial production dropped 22.4% year-over-year in February, compared with a revised 29.8% fall in the previous month. Economists were looking for a decline of 23% for February.

Electronics output decreased 37.3% annually in February, compared with a revised 43.4% decline in January. Pharmaceuticals output dropped 29.4% compared to a 28.8% fall in the previous month.

On a monthly basis, industrial production declined a seasonally adjusted 2.5% in February, after falling 4.4% in January. Economists expected a decline of 0.7%.

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