FX.co ★ Singapore Manufacturing Output Below Forecasts

Singapore’s manufacturing output rose 13% year-on-year in May 2026, easing from a downwardly revised six-month high of 16.5% in April and coming in below market expectations of 17%. Growth in electronics remained strong but slowed, with overall electronics output up 35.8% (vs 40.3% in April). Within the sector, semiconductors grew 37.0% (vs 43.5%), while infocomms & consumer electronics expanded 59.2% (vs 76.0%).

Overall manufacturing performance was dampened by continued weakness in several segments. Biomedical manufacturing contracted further, falling 24.2% (vs -16.1% previously). Transport engineering also swung into decline, shrinking 5.0% after a 10.8% expansion in April. Growth in general manufacturing slowed sharply to 1.8% (vs 17.7%).

By contrast, some clusters showed relative improvement. The chemicals sector contracted at a slower pace, with output down 11.5% (vs -17.6%), while precision engineering posted stronger growth, accelerating to 32.2% (vs 16.4%).

On a month-on-month, seasonally adjusted basis, manufacturing output fell 0.7% in May, reversing an upwardly revised 6.2% increase in April. For the January–May period, manufacturing production was up 10.7% from a year earlier.