The Singapore economy went through one of its best phases in the second quarter (Q2) of 2017 thanks to the value added by the electronics and the services sectors. July was the best month so far for the electronics industry and its subsectors, while services have had a steady increase during the summer months. Our Singapore company formation experts can help investors wanting to open a company in Singapore.
Singapore is one of the largest exporters of electronics in Southeast Asia and July represented the best quarter of 2017 so far for companies operating in this sector. The production of semiconductors reached a 49.1% increase in July, transforming the electronics industry into one of the best economic sectors of the year. Moreover, the subsector marked its 17th continuous growth, meaning it contributed by 62% to the total electronics output.
The most sought products by foreign companies were computer parts and peripherals, which recorded an 18.9% increase, followed by consumer electronics which grew by 5.1%.
Precision engineering also registered a 21.8% increase in production numbers, while machinery equipment rose by 25.4%.
If you want to open a company in Singapore in the electronics industry, our local company registration advisors can assist you.
With communication services registering the highest increase, of 10.6%. However, the Singapore services industries had an overall good performance during the second quarter of this year, marking a 4.9%. The number of business receipts issued for healthcare services also grew by 8.6%. The other services sectors performing well were recreation which expanded by 6.8%, transport which registered a 5.5% increase and business services which rose by 4.5%.
It should be noted that wholesale, retail, accommodation and food services are treated separately in the analyses conducted by the Singapore Statistics Office.
For full information on the best industries to invest in at the moment and if you want to open a company in Singapore please feel free to contact our Singapore company formation consultants. We also remind you that you can count on us if you need company registration services.