Economists were expecting just 2.5% y-o-y growth in industrial production for September, but the actual figure was a “blockbuster” 24.2% y-o-y surge, says OCBC’s Selena Ling, who had estimated 3.2%. Two key sectors stood out: pharmaceuticals, and electronics, specifically semi-conductors, which is meeting higher demand for electronics devices and equipment.
Singapore’s manufacturing sector did much better than expected in September, giving economists a reason to dial back gloomy GDP projections for the year. However, the central bank warns that given how the global pandemic continues to be a cause for concern, recovery might take longer than previous downturns.
See also: Rebound in Singapore's economy likely to take longer than previous recessions: MAS
