SINGAPORE, Jan 26 — 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 per cent in December from a year earlier, compared with a median estimate of 10.4 per cent in a Bloomberg survey of 15 economists. Output rose a seasonally adjusted 6.4 per cent in the month.
The median forecast was for a contraction of 4.5 per cent. Excluding biomedical production, output expanded 16.1 per cent in December from a year ago. For the full year, manufacturing rose 3.6 per cent.
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 per cent in December from a year earlier, mainly driven by the semiconductors industry, which posted a 94 per cent increase.
For 2016, the electronics cluster expanded 15.9 per cent. Production in the biomedical industry climbed 44.9 per cent in December from a year ago, led by a 53.8 per cent surge in pharmaceuticals. — Bloomberg
