Manufacturing output drops 2.7% YoY in January
Excluding biomedical manufacturing, output would have fallen by 6.3% YoY.
Manufacturing output fell 2.7% YoY in December 2022, data from the Economic Development Board (EDB) showed.
Excluding biomedical manufacturing, whose output grew 23.2% YoY, output would have fallen by 6.3% YoY.
According to the EDB, the biomedical manufacturing output increased due to expansions in the pharmaceuticals and medical technology segments, which rose 37.5% YoY and 3.8% YoY, respectively.
The output of transport engineering also increased in January, rising 4.7% YoY.
Apart from these two, the rest of the segments recorded a decline in output, led by general manufacturing (-18.3% YoY), followed by chemicals (-13.0% YoY), precision engineering (-11.1% YoY), and electronics (-2.9% YoY).