Singapore’s December manufacturing surges 21% as exports pick up

SINGAPORE (Jan 26): Singapore’s industrial production surged the most in five years in December, led by a boost in electronics exports, according to data from the Economic Development Board.

Manufacturing climbed 21.3% in December from a year earlier, compared with a median estimate of 10.4% in a Bloomberg survey of 15 economists Output rose a seasonally adjusted 6.4% in the month. The median forecast was for a contraction of 4.5%. Excluding biomedical production, output expanded 16.1% in December from a year ago For the full year, manufacturing rose 3.6%.

Singapore avoided a recession last year after the economy rebounded from a contraction in the third quarter, and early signs of a trade pick-up is helping to support growth in the export-reliant city state. Despite an increase in unemployment to a six-year high last quarter, export growth beat forecasts for a second consecutive month in December. Preliminary data showed gross domestic product grew at the fastest pace in more than three years in the fourth quarter.

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