The contribution of manufacturing to Singapore's GDP has been on a declining trajectory from 2013 to 2023, starting at 18.47% in 2013 and falling to 17.59% in 2023. Over the past two years, the year-on-year decline has been steady, with a decrease of 1.37% from 2022 to 2023. Furthermore, the compound annual growth rate (CAGR) for the next five years is projected at -1.17%, reflecting a forecasted decrease to 16.34% by 2028, amounting to a 5.71% decline over this period.
Future trends to watch for include:
- Technological advancements potentially boosting manufacturing efficiency.
- Policy changes impacting manufacturing sector incentives.
- Shifts in global supply chains influencing local manufacturing output.
