Debated in Parliament on 10 May 2023.
Mr Shawn Huang Wei Zhong asked the Minister for Trade and Industry in light of the manufacturing sector in Singapore contracting by 6% year-on-year in the first quarter of 2023 (a) what is the projected manufacturing outlook for the rest of 2023; and (b) whether there will be any wider knock-on effects on the Singapore economy.
The manufacturing sector contracted by 5.6% year-on-year in the first quarter of 2023. The outlook for the sector for the rest of 2023 remains weak, given the slowdown in the global economy and the electronics downcycle.
The downturn in the manufacturing sector is expected to dampen the performance of sectors that facilitate the trading of manufactured goods, such as the wholesale trade and water transport sectors.
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