Industrial production in Singapore up 17.6% in February

According to data published by the Singapore Statistics Office, in February this year, the volume of industrial production in the country increased by 17.6% compared to the same month last year. The growth rate was stronger than expected by economists increase of 6.3%. Compared to January, industrial production increased by 16.6%, which also exceeded the forecasted growth of only 5.7%. Singapore’s industrial output, excluding biomedical output, is reported to have increased by 16.8% in the twelve months. Singapore-based financial group United Overseas Bank Group, who analyzed the data, noted that the growth in industrial production in Singapore was facilitated by the recovery of global trade, as well as an increase in the number of commercial airline flights that required maintenance and repairs after the opening of borders. United Overseas Bank Group expects that the growth of industrial production in Singapore in 2022 will be 4%.

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Arseny Kudrin

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