Industrial production rockets with 27.5% growth
This is the highest industrial growth recorded since November 2010.
Singapore’s manufacturing output increased at a quick 27.5% pace in June 2021 year-on-year, the highest since November 2010, according to the latest data from the Economic Development Board.
Excluding biomedical manufacturing, which increased by 42.5% in June, overall manufacturing output increased by 24.8%.
This growth may be due to the low base last year, as June 2020 fell within the circuit breaker period.
The electronics, chemical, precision engineering, transport engineering, and general manufacturing clusters expanded by 26.2%, 30.6%, 22.2%, 28.3%, and 17.4%, respectively.
“Manufacturing growth momentum should sustain in the near-term, but the headwinds may exert from August as the favourable base effects subside,” said Selena Ling, head of Research and Strategy for OCBC Treasury Research.
“Beyond low base effects which had supported the above-mentioned clusters, the resilient global demand for semiconductor-related products likely underpinned the output of electronics and precision engineering,” said UOB Economist Barnabas Gan. “We continue to expect Singapore’s electronic and precision engineering clusters to support the overall manufacturing sector, on the back of global growth and a positive external environment.”