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%.

See also:

Singapore’s Changi Airport reports 5.6% rise in passenger numbers

Engie invests $80mn to make Singapore its new Asia Pacific hub

160 Singapore banks commit to inclusive hiring, upskilling

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%.



Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights


Why Deloitte Australia’s HR technology is winning awards

Human Capital