Following a surge in biomedical manufacturing amid the Covid-19 pandemic, Singapore’s factory output staged a surprising rebound with a 16.5 percent year-on-year growth in March, data released by the Singapore Economic Development Board (EDB) showed.
Excluding the biomedical sector, output remained unchanged. The latest data marks the republic’s fastest year-on-year growth since the +20.5 percent recorded in August 2017. Interestingly, it is a reversal from February’s 1.1 percent contraction which was deemed the biggest decline in Singapore’s factory since 1983.
On a seasonally adjusted month-on-month basis, manufacturing output surged 21.7 percent in March. March’s output was up 2.5 percent, excluding biomedical manufacturing.
The general manufacturing cluster remained contractionary with a 7.9 percent decline, with all segments recording output declines. Specifically, the dip was led by food, beverage & tobacco (-9.8 percent), printing (-7.7 percent) and miscellaneous printing (-5.2 percent).
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Published on April 27, 2020 4:16 PM (GMT+8)Last Updated on April 27, 2020 4:16 PM (GMT+8)
