MNCs shifting focus as services' share of economic pie grows

[SINGAPORE] The services industry is making up a bigger share of the economy and gaining importance as an engine of growth.

Multinationals - including those in manufacturing - are realigning their operations to focus on delivering services, a trend which has been called "servicisation".

In its April 2014 Macroeconomic Review, the Monetary Authority of Singapore (MAS) said that in the Singapore economy, services have grown in the past decade, with the sector accounting for more than two-thirds of total output last year.