Manufacturing output drops 4.2% YoY in March 

Excluding biomedical manufacturing, the output would have fallen by 6.0% YoY.

Manufacturing output declined by 4.2% YoY in March 2023, data from the Economic Development Board (EDB) showed.

Excluding biomedical manufacturing, whose output grew 7.0% YoY, the output would have fallen by 6.0% YoY.

According to the EDB, the biomedical manufacturing output increased due to expansion in the medical technology segment, which grew 18.0% YoY.

Biomedical manufacturing and transport engineering (+23.5% YoY) were the only clusters to record output increases in March.

The output of the rest of the clusters, namely, general manufacturing (-5.6% YoY), precision engineering (-7.1% YoY), electronics (-8.0% YoY), and chemicals (-11.8% YoY), contracted in March.