In January, manufacturing production contracted 8.8% over the same last year, which contrasted the buoyant 25.2% expansion observed in December. The fall exceeded market expectations, as analysts expected a modest 0.7% decline. The significant contraction was underpinned by the electronics cluster, which declined 28.4%. In contrast, the biomedical manufacturing cluster grew 27.9% on the back of a vigorous expansion in the highly volatile pharmaceutical sector. Compared to the previous month, manufacturing output grew 3.3%, which was nearly a third of the 8.8% increase recorded in December. Moreover, owing to the subdued print, annual average growth moderated from 7.8% in December to 5.0% in January. The government expects the economy to grow between 1.0% and 3.0% this year.
Manufacturing contracts in January following December's surge
February 24, 2012
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Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.