Core Insights - Singapore's manufacturing output in June increased by 8% year-on-year, marking the 12th consecutive month of growth and significantly higher than the 3.6% increase in May [1] - Excluding the biomedical manufacturing sector, the output grew by 8.2% year-on-year [1] Manufacturing Sector Performance - Precision engineering saw the highest growth in June, with a year-on-year increase of 18.9%, driven by a 19.3% rise in machinery and systems [1] - The overall output of the precision engineering sector grew by 5.7% in the first half of the year [1] - Biomedical manufacturing experienced an 11.3% year-on-year growth, with the pharmaceutical industry surging by 38.8% due to a low comparison base from the previous year, while the medical technology sector declined by 2.5% [1] - The biomedical manufacturing sector's output grew by 3.0% in the first half of the year [1] Transportation Engineering and Other Sectors - Transportation engineering output increased by 9.2%, with the aerospace sector continuing its upward trend at 20.6%, although the growth rate slowed compared to May [1] - Overall, transportation engineering grew by 16.4% in the first half of the year [1] - The electronics and chemicals sectors reported year-on-year increases of 6.6% and 1.1%, respectively, with the electronics sector's output growing by 7.8% in the first half of the year [1] - The chemicals sector experienced a decline of 1.9% [1] Decline in General Manufacturing - General manufacturing was the only sector to report a decline in June, contracting by 11.6% year-on-year, with only printing output increasing by 2.5% while all other areas saw decreases [1]

Economic Growth - Singapore's economy grew by 3.9% year-on-year in Q1, showing resilience despite global challenges [1] - The manufacturing sector, a key pillar of the economy, grew by 4.0% year-on-year, driven by strong performance in electronics, precision engineering, and transport engineering [1] Wholesale Trade - The wholesale trade sector experienced a 4.2% year-on-year growth, with machinery and equipment being the main growth drivers [2] - The sector benefited from a "rush" phenomenon due to U.S. tariff policies, which led to increased shipments before tariffs took effect [2] Financial and Insurance Sector - The financial and insurance sector grew by 4.5% year-on-year, supported by strong performance in banking and payment services [2] - Singapore's stable and open financial market attracted significant international investment [2] Construction Sector - The construction sector showed robust growth of 5.5% year-on-year, driven by both public and private construction activities [2] - Increased government investment in infrastructure and ongoing private projects contributed to this growth [2] Retail Trade and Consumer Confidence - Retail trade saw a slight increase of 0.1% year-on-year, indicating overall stability in the consumer market [3] - Consumer confidence and employment stability led to increased household spending, supported by government initiatives [3] Services Sector - The services sector grew by 3.6% year-on-year, with information and communication, finance and insurance, and professional services being the main contributors [3] - The acceleration of global digital transformation boosted demand for information and communication technology [3] Labor Market - The unemployment rate remained low at 2.1%, enhancing consumer spending capacity and providing a reliable workforce for businesses [4] - Government initiatives in technology innovation and digital transformation have positively impacted the information and communication sector [4] Policy and Economic Outlook - The government is implementing various policies to stabilize the economy and employment, including infrastructure investment and support for SMEs [4] - Despite strong performance, Singapore must remain vigilant against global economic uncertainties, including trade protectionism and geopolitical risks [4]