Official data published yesterday showed that the output of the manufacturing sector in Singapore in May 2021 grew by 7%, compared to the same period last year, as a result of the increasing demand for medical equipment and computers.
The Singapore Economic Development Board attributed this growth in domestic industrial production to higher demand for exports of medical devices and strong capital investment in the global semiconductor industry.
GlobalFoundries, a leading global semiconductor maker, announced this week that it will pump $4 billion to build a new plant in Singapore.
Data from the Economic Development Board revealed that the manufacturing sector in Singapore rose by about 30 percent during the month of May, compared to the same period last year, when the city-state was subject to closure measures to combat the outbreak of the new Corona virus.
External demand for industrial production for Singapore is helping its economy to recover, after a record contraction of 5.4 percent of GDP last year.