Services rely on growth in manufacturing, but it doesn't cut both ways
Singapore
THE manufacturing and services sectors have served as the twin engines fuelling Singapore's economic growth, but the development of the services sector has typically been more reliant on the growth of the manufacturing sector than the other way around.
The manufacturing sector creates more jobs and fosters more economic spillovers to the services sector than the converse, said a report by lead economist Kuan Ming Leong from the Ministry of Trade and Industry's Economics Division.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Daily Debrief: What Happened Today (May 3)
Singapore hotels’ average room rate grows in March; tourist arrivals reach new post-Covid high
Singapore retail sales up 2.7% in March, extending growth
Singapore and Canada to enhance science and technology cooperation
Singapore’s PMI dips in April but remains in expansion for 8th straight month
Daily Debrief: What Happened Today (May 2)