Key Electronics Sector Drives Manufacturing Growth, Excluding Biomedical
Singapore’s factory output surpassed expectations with a 2.9% year-on-year increase in May, according to data from the Economic Development Board. Economists had anticipated a median growth of just 1.4%, but the actual performance was significantly better. This marks a rebound from the 1.2% contraction observed in April, showcasing a recovery in key sectors.
The electronics sector was a major contributor to this growth, recovering from a contraction in April. When excluding the volatile biomedical sector, the overall output surged by 10.1% in May compared to the same period last year. This was a notable acceleration from the revised 1.9% growth in April. The positive data suggests that Singapore’s manufacturing sector remains resilient, even amidst global economic challenges, with strong performance in electronics leading the way.
