Singapore’s industrial production grew at the strongest pace in eight months in February, led by the electronics segment, data from the Economic Development Board showed on Friday.
Industrial output grew 17.6 percent year-on-year in February, following a 2.4 percent rise in January. Economists had forecast a growth of 6.3 percent.
Excluding biomedical manufacturing, industrial production rose 16.8 percent yearly in February, following a 4.9 percent increase in the preceding month.
On a monthly basis, industrial production gained 16.6 percent in February, rebounding from a 10.4 percent slump in the previous month. Economists had expected a 0.9 percent fall.
Electronics manufacturing increased 32.4 percent year-on-year in February. Within the group, the production in the semiconductors segment surged 39.4 percent, supported by strong demand from 5G markets and data centers amidst the global chip shortage.
Bio medical manufacturing rose 25.3 percent, led by a 46.7 percent jump in the pharmaceuticals segment.
General manufacturing and transport engineering increased by 12.6 percent and 4.5 percent, respectively.
Meanwhile, output of the chemical group declined 2.7 percent.