FX.co ★ Singapore Industrial Output Grows Most In 4 Months

Singapore's industrial sector witnessed considerable expansion for the second consecutive month in February. This growth was driven mostly by contributions from the biomedical and transport engineering sectors, according to recent data provided by the Economic Development Board.

There was an increase in industrial production by 3.8% in February compared to the same time last year. This growth rate was faster than January's rise of 0.6%. This also stands as the most significant growth since October 2023, when there was a 6.8% increase in production.

Despite excluding biomedical manufacturing, there was 1.4% year-on-year growth in industrial production in February, a deceleration from the previous month's 4.7% increase.

Looking at the data month-to-month, industrial production bounced back dramatically with a 14.2% increase in February, following a 6.7% reduction in the month before.

Break down by major sectors shows the biomedical engineering segment as the highest contributor, with a 27.4% rise in production in February. This was closely followed by transport engineering, which saw a 19.6% surge. However, it wasn't all positive; the precision engineering sector experienced a steep 19.9% decline, and the electronics sector saw a modest increase of 2.6%.