Contribution to growth has dropped steeply since 2010.
It's no news that Singapore's manufacturing sector is trapped in a vicious downcycle, but this chart from Standard Chartered shows just how deep the sector's problems are.
The manufacturing sector's contribution to growth dropped to a mere 0.3 percentage points in 2010-2015, a far cry from 1.4ppt in 2005-2010.
In contrast, the financial services sector managed to maintain its share to economic growth at around 1ppt. Meanwhile, the information and communications sector's contribution to growth also inched up over the same period.
“We see upside in some manufacturing and services sectors, particularly in the high-technology segments. This should help offset the downward swing in the overall manufacturing sector. In addition to research, technology and automation, the FY16 budget is also focused on health, education and security,” Standard Chartered said.
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