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Financial News: Singapore Industrial Production Growth Improves Unexpected

Singapore Industrial Production Growth Improves Unexpectedly

06/24/2022 - 04:20:00 (RTTNews)

(RTTNews) - Singapore's industrial production growth quickened unexpectedly in May, preliminary data from the Economic Development Board showed on Friday.

Industrial production grew sharply by 13.8 percent year-over-year in May, much faster than the 6.4 percent rise in April. Meanwhile, the expected increase was 5.8 percent.

Excluding biomedical manufacturing, industrial production advanced by 18.0 percent yearly in May, after an 8.0 percent increase in the preceding month.

On a monthly basis, industrial production climbed 10.9 percent from April, when it rose by 2.1 percent.

Among clusters, electronics output surged 33.6 percent annually in May. The semi conductors segment grew 45.7 percent, driven by strong demand from 5G markets and data centers amidst the global chip shortage.

Transport engineering also registered a double-digit growth of 12.9 percent year-on-year in May. The production in the aerospace segment increased 27.2 percent with higher production of aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines.

General manufacturing and precision engineering increased by 9.0 percent and 3.2 percent, respectively.

Meanwhile, output in the biomedical manufacturing segment registered a decline of 7.2 percent and that of chemicals slid 3.4 percent.

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