News dalla rete ITA

1 Marzo 2018



This year is set to be another good one for the manufacturing sector as output expanded 17.9 per cent from the same month a year earlier, surpassing economists' forecasts of a 7.5 per cent increase. This followed a 3.4 per cent slide in December. Manufacturing, which makes up a fifth of the economy, has been a key growth driver over the past year, buoyed by strong global demand for electronic gadgets. This robust showing continued last month: Electronics registered a 32.4 per cent year-on-year surge in output, due largely to the semiconductor, infocomms and consumer electronics and computer peripherals segments. Precision engineering, which has also benefited from the pickup in electronics demand, grew 24.5 per cent year-on-year last month, according to Economic Development Board figures yesterday. There was broad growth across other manufacturing segments, including the volatile biomedical segment, which expanded 2.5 per cent. This came as medical technology output shot up 22.8 per cent on the back of strong export demand for medical devices. In contrast, pharmaceuticals output slid 3.9 per cent due to lower production of active pharmaceutical ingredients. Some segments, however, are still suffering. Marine and offshore engineering, which has been mired in a downturn amid low oil prices, contracted 19.5 per cent last month on the back of a low level of shipbuilding and repair activities. Output last month also went up significantly - 6.7 per cent - compared with December, indicating that the global recovery story is still very much intact and that this also points to better times ahead for manufacturers. Manufacturing growth could moderate slightly this year from last year, but it's still expected to grow at a healthy pace. (ICE SINGAPORE)