Manufacturing output drops 3.1% YoY in December 2022

Excluding biomedical manufacturing, output would have grown by 0.3% YoY.

Manufacturing output fell 3.1% YoY in December 2022, dragged by the biomedical manufacturing cluster whose output dropped by 20.3% YoY.

Data from the Economic Development Board (EDB) showed that excluding biomedical manufacturing, the overall output would have increased by 0.3% YoY. 

According to the EDB, the biomedical manufacturing output declined due to contractions in the medical technology and pharmaceuticals segments, which fell 14.7% YoY and 24.3% YoY, respectively.

Apart from biomedical manufacturing, the general manufacturing (-2.8% YoY), precision engineering (-4.1% YoY), and chemicals (-9.5% YoY) clusters recorded decreases in their output. 

On the other hand, the output of transport engineering and electronics clusters grew in December, rising 9.3% YoY and 4.6% YoY, respectively.