Manufacturing should maintain its 20% contribution to Singapore GDP: CFE
Singapore Business Review
Growth areas are high-tech manufacturing involving Industrial Internet of Things.
The Committee on the Future Economy has proposed that Singapore manufacturing sector should still contribute 20% of economic output over the medium term.
In a report, CFE stressed that manufacturing and services are the twin pillars supporting Singapore’s diversified economy. In 2016, the manufacturing sector accounted for around 20% of GDP and 14% of total employment in Singapore.Over the years, it has also enjoyed strong productivity growth. Between 2009 and 2016, real productivity, as measured by real value added (VA) per actual hour worked, in the manufacturing sector grew by 6.2% p.a., higher than the growth in the overall economy (2.5% p.a.) and the services sector (2.1% p.a.).Read More »