In August, manufacturing production expanded 21.7% over the same month last year, which was nearly triple the 7.6% increase recorded in July. The buoyant print surprised the market on the upside, as analysts expected a softer 12.8% expansion. The better-than-expected figure was mostly driven by a surge of 145% in biomedical manufacturing, which reflected a ?mix of higher valued-added? products in the highly volatile pharmaceutical sector. In contrast, production of electronics, which accounts for nearly a third of the total industry, contracted 21.9%. A month-on-month comparison corroborates the acceleration suggested by the annual figures, as manufacturing output increased a seasonally adjusted 3.9% in August (July: +0.4% mom). Furthermore, owing to the strong print, annual average growth rose from 10.9% in July to 12.1% in August. The government expects the economy to grow between 5.0% and 6.0% this year.
Manufacturing output surged on volatile pharmaceutical production
September 26, 2011
Looking for forecasts related to Industry in Singapore? Download a sample report now.
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.