Singapore manufacturing to continue growing into 2022

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Singapore’s manufacturing sector is outperforming other ASEAN members, according to Nomura Global Markets Research.

Singapore’s manufacturing is being driven by external demand and the manufacturing cycle is expected to continue rising into 2022, according to Nomura. Production of chips, semiconductor equipment, and medicine are increasing on high demand. COVID and vaccines continue to stimulate demand for medicine, and Singapore’s biomedicine sector is now contributing more to the country’s total output and bringing total output higher.

According to Singapore Business Review, Nomura recently raised projections for global semiconductor shipment growth for 2021 from 19.4% to 20.6% and kept projections for 2022 unchanged at 10.5%. The research firm said the tech supply chain, especially in Malaysia, are likely recovering from COVID disruptions.

Following seasonal adjustments, Singapore’s production growth for August dropped to 2.8% sequentially from 5.6% in July and dropped to -3.4% from 11% from the same month last year. However, key sectors are likely to keep the island state’s manufacturing strong.

Nomura has kept its projections for Singapore’s GDP growth unchanged at 7.1% and 4.6% for 2021 and 2022.

Alex Chen, Taipei; Yusin Hu, DIGITIMES

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