Asia Economy

Singapore May manufacturing jumps 30% year-on-year, biggest gain in 10 years

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Key Points
  • Singapore's industrial output beat forecasts to rise 30.0% year-on-year in May, its fastest pace in about 10 years.
  • Economists had expected a 23.6% increase, according to the median forecast in a Reuters poll.
View of the Singapore Central Business District.
Suhaimi Abdullah | Getty Images News | Getty Images

Singapore's industrial output beat forecasts to rise 30.0% year-on-year in May, its fastest pace in about 10 years, buoyed by a low base effect due to the city-state's coronavirus lockdown measures last year, official data showed on Friday.

Economists had expected a 23.6% increase, according to the median forecast in a Reuters poll. The rise was the biggest since November 2010.

On a month-on-month and seasonally adjusted basis, industrial production increased 7.2% in May, data from the Singapore Economic Development Board showed. Economists had expected a 0.9% decline.