Electronics sector shows improvement, while biomedical manufacturing faces declines
Singapore’s factory output grew by 1.8% year-on-year in July, reversing a 4.3% decline in June, according to data from the Economic Development Board (EDB) released on August 26. This growth exceeded the median forecast of 0.2% from economists in a Bloomberg poll.
The electronics sector saw notable improvements, contributing to the rebound in industrial production (IP). However, the biomedical manufacturing cluster, which is known for its volatility, experienced declines, particularly in the medical technology and pharmaceuticals segments. Excluding biomedical manufacturing, industrial production grew by 3.4% year-on-year, a significant recovery from a 2.2% contraction in June.
