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
