Chart of the Day: Singapore’s services and manufacturing are taking completely opposite routes

Both sectors had their share of surprises.

Two sectors have been the plot driver of Singapore’s economy as 2015 closes, and for absolutely polar reasons.

According to a report by Bank of America-Merrill Lynch, on one hand, Singapore has its slumping manufacturing sector, which has plummeted by 6.2% in the third quarter alone, hurt by weak external demand.

BAML adds that a slowing global PC industry and restructuring efforts also proved costly for the sector.

Meanwhile, the disappointing manufacturing sector was partly offset by a surprisingly resilient services sector, which grew by 3.6% in 3Q, better than even the most generous estimates.

“Services have been supported by wholesale trade and strong visitor arrivals,” the report said.

BAML, however, explains that services have been decoupling and diverging for quite a time now, a trend which started since mid-2014.