According to numerous industry details, it seems that the Singapore manufacturers are not joking. They are working very hard at this time since the factory output has managed to go up with around 21% in July alone. This is a huge increase, and it mostly comes from the electronics sector. This is the brightest spot for the industry at this point.
The expectations were around 12.9%, so seeing this type of increase is always a nice thing to have in the industry. It’s the highest growth that the industry has seen in quite a while, and we may be able to expect something like that shortly for sure.
At this time, manufacturing has around 1/5 of the entire economy, and it’s one of the major growth drivers for the year. The strong global demand for various types of electronics is booming, so the manufacturing industry is doing very well because of that.
One of the beneficiaries is the precision engineering cluster, but even biomedical manufacturing is seeing a very good growth. It’s safe to say that just about all the industries that relate to this tend to see a pretty good increase, and that just goes to show the overall great value and quality showcased in here.
Even the chemicals and manufacturing segment grew well. The transport engineering segment sees only a 2.3% increase, but that’s still pretty good for a sector that doesn’t see any growth most of the time. That being said, this doesn’t necessarily mean that we will only see a lot of growth in here. It can bring in front a nice set of challenges, but in the end, your primary focus has to be on what the economists say.
And they are cautious when it comes to the future outlook. According to some of them, manufacturing is still overly relying on other services, and that makes it uneven. It will surely be a while until we get to see whether this will indeed happen or not, but the outlook is a rather pleasant one. It’s safe to say that even if some issues can appear here and there, the manufacturing sector is going to grow immensely as long as there will be plenty of demand. The way we will manage that demand is crucial though. Still, the massive semiconductor demand, alongside other units, does fare very well for the manufacturing industry in Singapore, and this may end up working very well for the local economy!
With the economy getting better in Singapore, it is definitely a good time now to invest in new launches, below are some developments that you might want to consider