FX.co ★ Singapore Manufacturing Output Growth Beats Forecasts

In November 2025, Singapore's manufacturing output witnessed an annual growth of 14.3%, a notable deceleration from the revised 28.9% increase reported in October, which was the most significant surge since November 2010. This growth slightly exceeded market expectations, which were estimated at 14.2%. Despite marking the third consecutive month of expansion, November's growth was the weakest in this series, following a dip in manufacturing activity observed in August. The slowdown in growth was evident across several industries: biomedical manufacturing rose by 79.3%, down from 89.8% in October; transport engineering increased by 24.2%, compared to 29.7% previously; and electronics saw an 8.9% rise, significantly lower than the 25.6% in October, largely due to a sharp decline in the production of computer peripherals and data storage devices. Concurrently, precision engineering grew by a modest 2.4%, a substantial reduction from the 13.4% growth in the previous month, burdened by declining machinery and systems output. On the other hand, general manufacturing continued its contraction, shrinking by 4.8% compared to a 5.5% decrease in October. On a seasonally adjusted month-to-month basis, industrial activity plummeted by 10.2%, starkly contrasting with the 11.2% increase (revised lower) observed in October.