The surge was due partly to the low base in May 2020, brought about by the circuit breaker measures that were implemented from April to June 2020, says the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry (MTI).
Singapore’s manufacturing output has expanded by 30% y-o-y in May, marking the seventh consecutive month of growth, and the greatest expansion since the Great Recession, note CGS-CIMB Research economists Terence Lee and Michelle Chia.
The figure, which exceeded the median estimate of a 24.1% y-o-y growth according to Bloomberg estimates, is the fastest growth seen by the republic since November 2010.
