Semiconductors saw the greatest decline of 26.8 per cent, computer peripherals and data storage fell by 26.6 per cent, and other electronic modules and components declined by 9.2 per cent.
SINGAPORE: The month of May saw the biggest fall in manufacturing output in Singapore since 2019, giving rise to fears of the economy slipping into a technical recession.
While economists in a Bloomberg survey in May had predicted a 7.3 drop in factory production, the actual decline was even greater, coming in at 10.8 per cent. The electronics industry, which has the largest portion of the manufacturing sector , dropped 23 per cent from May last year. The country’s industrial output may fall by as much as 3 per cent year on year, OCBC Bank chief economist Selena Ling quoted inShe added that the global electronics industry may not recover until later this year or early in 2024, especially for semiconductors.
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