Manufacturing Sector Falls Below Economists’ Expectations
Singapore’s industrial production fell by 9.2% year-on-year (yoy) in March, reversing the 4.4% growth recorded in February, according to data from the Singapore Economic Development Board (EDB). The decline was driven by sharp contractions in the electronics and biomedical sectors, significantly underperforming private economists’ expectations of a 1.5% decrease in a Bloomberg poll.
Excluding the biomedical manufacturing cluster, which is known for its volatility, factory output declined by 5.9% yoy. This drop highlights the ongoing challenges within the manufacturing sector, which has been facing weak global demand and supply chain disruptions.
As Singapore’s economy continues to navigate global uncertainties and sector-specific downturns, the weaker-than-expected factory output raises concerns about future growth prospects in manufacturing and its broader impact on economic recovery
