FX.co ★ Singapore’s Industrial Production Swings from Double-Digit Growth to Slight Contraction in February

Singapore’s industrial production posted a sharp reversal in February 2026, slipping 0.1% year-over-year after surging 12.9% in January, according to data updated on 26 March 2026. The figures underline a pronounced month-to-month swing in manufacturing momentum, measured on an annual comparison basis.

The January 2026 reading had reflected a strong expansion in output relative to a year earlier, but February’s marginal decline indicates that the surge was not sustained into the following month. Both the current and previous indicators are calculated by comparing each month’s industrial production to the same month a year earlier, highlighting how quickly conditions in Singapore’s industrial sector can shift on a year-over-year basis.

The move from robust double-digit growth to a slight contraction may prompt closer monitoring of the underlying drivers of Singapore’s manufacturing performance, as policymakers and investors assess whether February’s reading signals a temporary pause or the start of a softer trend in industrial activity.