Singapore Factory Output Up 13.8% in May despite Global Chip Shortage

Singapore’s manufacturing production increased by 13.8 percent on an annual basis in May. This growth is mainly attributed to the robust demand for semiconductors amid the global chip shortage.

The Singapore Economic Development Board reported Friday that the country’s manufacturing production climbed by 13.8 percent in May, compared to the revised 6.4% growth in April.

Excluding biomedical manufacturing, the output increased by 18 percent in May on a yearly basis, and up by 8 percent from a month earlier.

On a seasonally adjusted month-on-month basis, Singapore’s manufacturing output increased 10.9 percent in May. Excluding biomedical manufacturing, output grew 9.8 percent.