The global chip shortage led to increasing demand for semiconductors, which in turn made Singapore’s manufacturing output jump 13.8% year-on-year in May. For eight months the sector in Singapore has been consistently performing better. Despite the presumptions of China’s slowdown and the US recession, Singapore is expected to do fairly well this year.
Singapore’s lynchpin electronics industry saw a 33.6% output surge in May on a year-on-year basis, compared with 10.4% in April. Within the cluster, the semiconductors segment grew by 45.7% year-on-year, supported by strong demand from 5G markets and data centers during the global chip shortage, EDB said. In April, semiconductors saw a 12.9% growth. Cumulatively, electronics grew 17.3% for the period from January to May this year compared with the same period a year ago.
It should be noted that the manufacturing industry accounts for 20% of Singapore’s GDP and thus is a crucial contributor to the economy.
(Source: The Strait Times)