Manufacturing: There's hope yet
Published: Jul 30, 2012
Singapore - There is good news for the manufacturing sector, as reports found output had risen year-on-year, despite a rough start to 2012.
According to a report by the Singapore Economic Development Board (EDB), manufacturing output grew 7.6% in June this year.
Most sectors, including biomedical and pharmaceuticals, saw a higher output year-on-year of 54.4% and 68.7% respectively. Transport engineering saw a 7.6% growth, while marine and offshore engineering rose 8.1%. Aerospace saw the lowest growth of 4.4%.
In the general manufacturing cluster, output increased by 0.6% in June 2012.
However, the precision engineering, electronics and chemicals segments saw a decline of 3.4%, 4.5% and 5.7% respectively. Nevertheless, the decrease in these three sectors was offset by the overall growth in other segments.
The manufacturing sector had seen its economic output fluctuate in the last year. In December, output rose 12% to exceed economic expectations despite the Europe crisis. Yet in the following month, the sector witnessed an 8.8% decline. In February, the sector experienced a slow 12.1%, falling short of its predicted 16% growth. ______________________________________________________________________________
Subscribe to ProcurementAsia's biweekly bulletin now!
For exclusive video content, visit Channel P on YouTube.
More quality Lighthouse titles
Managing people? For HR and leadership strategy, Human Resources has it covered.
Get your marketing department up to speed with Marketing, Asia's most read marketing site.
- Economic Development Board
Economic Development Board Related Stories:
- REC to manufacture green energy here
- Novartis to build US$700m cell culture plant
- Bodycote International opens testing facility in Singapore
- Benchmarked: Singapore-based manufacturers
- Biomed not cure for manufacturing figures
- Manufacturing outlook muted
- The business of moving blood
- Now the drugs don’t work
- Retrenchment up in manufacturing sector
- Manufacturing continues to slide
- Manufacturers optimistic about 2nd half
- SATS to launch 1st perishables handling centre
- SG manufacturing output surges
- SG manufacturing grows in April
- Investments pour into SG logistics
- SG manufacturing up in June
- SG manufacturing remains upbeat
- SAP launches regional research HQ
- Recession fears deepen: What now?
- More investments come to SG