03 Oct Singapore manufacturing sector in all-time high
The manufacturing sector in Singapore is experiencing a boom this year, and the signs point toward to continued streak of strong growth through the rest of the year. This has created a ripple effect of benefiting the other sectors. The factory activity is on rising for the 12th consecutive month, and according to the Purchasing Manager Index (PMI), this is a sign of manufacturing bustle. After seven years, the electronics production has reached its best.
Monetary Authority of Singapore showed that the analysts expect the manufacturing industry to remain high. According to the survey taken in June calculated only 5% growth but the current rate is at 6.6%. The manufacturing sector is flooded with orders of Semi-conductors and related equipment, and it holds up a fifth of the economy. Experts also have cautioned that even though the economy is boosted, the time this trend will continue is not specified and if China restricts credit conditions, the effect could stump the growth of the manufacturing sector.
In spite of this hitch, the manufacturing sector is showing promising growth and a larger impact on the country’s economy. Economists are starting to hope that this surge would create more beneficial business opportunities in other sectors especially for those businesses that are dependent upon the consumers who spend more in the comfort of their home and domestic businesses. As new orders are pouring in, the Singapore manufacturing sector is on its way to great heights.
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