SINGAPORE (Apr 24): Singapore’s factory output staged a surprising rebound with a 16.5% year-on-year growth in March, following a surge in biomedical manufacturing amid the Covid-19 pandemic. The increase comes despite a continued decline in its linchpin electronics and general manufacturing sectors.
Excluding the biomedical sector, output remained unchanged, according to data released on Friday by the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry (MTI).
The latest data marks the republic’s fastest year-on-year growth since the +20.5% recorded in August 2017. Interestingly, it is a reversal from February’s 1.1% contraction which was deemed the biggest decline in Singapore’s factory since 1983.