Singapore’s industrial production for June tells an interesting story. Output grew 0.4%, surprising analysts who expected a contraction. But electronics production continued to fall heavily, by 4.8% on year after a 4% fall in May. Biomedical production was up 1.6%.
As you can see in the chart, manufacturing’s share of Singapore’s economy has fallen in recent years, while business services’ portion has grown. That shows how the city state’s government is trying to move up the value chain as other Asian nations try to eat its lunch.
Source : https://blogs.wsj.com/economics/2014/07/25/singapore-seeks-to-move-up-the-value-chain/