Photographer: Nicky Loh/Bloomberg

Singapore’s December Manufacturing Surges 21% as Exports Pick Up

  • 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.

Key Points

  • 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

Big Picture

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.

Other Details

  • 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
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