Singapore Industrial Research Q3 2021(Knight Frank)

• Based on the Ministry of Trade and Industry’s (MTI) Q2 2021 economic survey, Singapore’s economy grew 14.7% year-on-year (y-o-y) in the second quarter of 2021. On a quarter-onquarter (q-o-q) seasonally-adjusted basis, Singapore’s economy actually contracted by 1.8% in Q2 2021, compared to the 3.3% q-o-q expansion recorded in the first quarter of 2021.
• Manufacturing continued to drive the recovery in Singapore, as semiconductor manufacturers and sub-contractors supporting electronics firms reaped the benefits of the global chip shortage. The precision engineering and electronics clusters recorded 24.3% and 18.3% y-o-y growth respectively. These numbers were overshadowed by the impressive growths seen in the transport engineering and chemicals clusters, which recorded 29.6% and 20.1% y-o-y growth respectively, although this was largely the result of the low base effects in 2020.

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