Manufacturing still has important role: MTI

Singapore

DESPITE manufacturing's prolonged decline, the sector is still important to the Singapore economy, said a senior government official, even as the Ministry of Trade and Industry (MTI) released data showing that manufacturing contracted more than expected in the fourth quarter.

The 6.7 per cent year-on-year contraction is sharper than the 6 per cent official estimate that MTI had given in January based on October and November data. This follows a 6 per cent year-on-year decline in Q3.