Singapore Factory Output Slows More Than Expected

Singapore’s manufacturing production rose 8.3% year-on-year in December 2025, easing from an upwardly revised 18.2% growth in November and falling short of the expected 10.1% increase. This marks the softest rise since a decline in August, weighed down by a sharp fall in biomedical manufacturing (-38.8% vs 79.1% in November), primarily due to lower pharmaceutical output (-69.7%). Production also contracted in chemicals (-1.6% vs 2.1%), while transport engineering expanded at a slower pace (19.9% vs 24.2%). Meanwhile, electronics output grew faster (30.8% vs 18.1%), driven by a steeper rise in semiconductors (32.4%). Production also increased for precision engineering (3.4% vs 2.4%) and remained unchanged for general manufacturing industries (0% vs -2.6%). On a monthly basis, manufacturing activity slumped 13.3%, the largest decline since October 2020, following a 7.8% drop in November.

Singapore’s manufacturing production grew 14.3% yoy in November 2025, slowing sharply from a downwardly revised 28.9% rise in October, which was the fastest increase since November 2010, while slightly surpassing market forecasts of a 14.2% rise. This marked the third straight month of expansion, though the weakest in the sequence, following a decline in manufacturing activity in August. Growth easing was seen in biomedical manufacturing (79.3% vs 89.8% in October), transport engineering (24.2% vs 29.7%), and electronics (8.9% vs 25.6%), mainly due to a steep decline in computer peripherals and data storage. At the same time, precision engineering expanded by 2.4%, slowing significantly from a 13.4% rise in October, weighed down by lower output in machinery and systems. Meanwhile, general manufacturing continued to contract (-4.8% vs -5.5%). On a seasonally adjusted monthly basis, industrial activity plunged 10.2%, sharply reversing a downwardly revised 11.2% increase in October.

Singapore’s manufacturing production jumped 29.1% year-on-year in October 2025, accelerating from a revised 16.2% gain in September and easily surpassing market forecasts of a 9.5% rise. This marked the sharpest growth since November 2010, driven by a strong rebound in biomedical manufacturing (89.6% vs 16.2% in September), led by pharmaceuticals (122.9%). Output also rose robustly for transport engineering (29.5% vs 16.2%), supported by aerospace production and higher-value maintenance, repair, and overhaul jobs. The electronics cluster expanded 26.9%, bolstered by a 155.6% surge in the infocomms and consumer electronics segment. Precision engineering grew 12.2%, helped by machinery and systems production, while chemicals rose 2.2%. General manufacturing was the weakest performer, contracting 5.6%. On a seasonally adjusted monthly basis, industrial activity climbed 11.5%, easing from an upwardly revised 26.4% increase in September.