Singapore’s factory output grew at 8.9% last year
It has been reported that Singapore’s manufacturing industry grew 8.9% year on year this February. This was despite the Chinese New Year holiday falling during the month.
Electronic manufacturing grew by 17.4% year on year, with semiconductor production rising by 26.7%.
The Economic Development Board reported that industrial production as a whole grew at more than twice the rate expected by economists, which was around 4.2%.
Biomedical manufacturing discounted, the growth figure rises slightly to 9.1%. This area of manufacturing rose by 8.4% but is considered by many to be a volatile industry.
Nikkei Markets report that economists are still concerned despite the growth, stating the positive figures are “tempered by the likelihood of trade-related tensions and the dominance of semiconductors”.
It should be noted that while semiconductors made a significant contribution to the electronic manufacturing output, they are capital-intensive and provide relatively low employment.
In addition, non-oil exports from the country fell by 5.9%.