Factory output slips 0.1% as biomedical drags

Electronics growth offsets broader weakness.

Factory output fell 0.1% YoY in February, missing CGS International’s 12.5% forecast and Bloomberg’s 14.1% consensus estimate, as biomedical manufacturing remained a drag on headline production.

CGS International said the weak print ended a six-month expansion streak and reflected plant shutdowns during the festive season. Excluding biomedical manufacturing, industrial output still rose 3.9% from a year earlier, suggesting the weakness was concentrated in one segment.

Biomedical manufacturing fell 27.4% in February, with pharmaceuticals down 18.1% and medical technology down 30.4%.

Electronics was the sole major cluster to post growth, rising 13.7%, supported by gains in semiconductors, infocomms, and consumer electronics, and other electronic modules and components.

Other major clusters declined, with chemicals down 4.6%, precision engineering down 3.5%, transport engineering off 0.2%, and general manufacturing down 5.6%.

CGS International said AI-related server and data-centre demand should continue to support electronics, although geopolitical tensions could weigh on supply chains, input costs, and external demand.

The research house kept its 2026 manufacturing output growth forecast at 5.0%. It also noted that Singapore’s Manufacturing PMI edged up to 50.6 in February, whilst the Electronics PMI rose to 51.3, indicating continued expansion in the sector.

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