Singapore’s December Manufacturing Surges 21% as Exports Pick Upby
Industrial production grew at fastest pace in five years
Electronics cluster, semiconductors fueled growth last month
Singapore’s industrial production surged the most in five years in December, led by a boost in electronics exports, according to data from the Economic Development Board.
- Manufacturing climbed 21.3 percent in December from a year earlier, compared with a median estimate of 10.4 percent in a Bloomberg survey of 15 economists
- Output rose a seasonally adjusted 6.4 percent in the month. The median forecast was for a contraction of 4.5 percent
- Excluding biomedical production, output expanded 16.1 percent in December from a year ago
- For the full year, manufacturing rose 3.6 percent
Singapore avoided a recession last year after the economy rebounded from a contraction in the third quarter, and early signs of a trade pick-up is helping to support growth in the export-reliant city state. Despite an increase in unemployment to a six-year high last quarter, export growth beat forecasts for a second consecutive month in December. Preliminary data showed gross domestic product grew at the fastest pace in more than three years in the fourth quarter.
- Output in the electronics cluster jumped 49.4 percent in December from a year earlier, mainly driven by the semiconductors industry, which posted a 94 percent increase
- For 2016, the electronics cluster expanded 15.9 percent
- Production in the biomedical industry climbed 44.9 percent in December from a year ago, led by a 53.8 percent surge in pharmaceuticals