According to the latest data by the Economic Development Board today, Singapore’s biomedical manufacturing output has crashed 28.6% year-on-year in April 2015:
“The biomedical manufacturing cluster’s output declined 28.6% in April 2015 compared to a year ago. The medical technology segment expanded 28.1%, on account of robust demand for medical devices and supplies. On the contrary, the pharmaceuticals output fell 38.0% with lower production of active pharmaceutical ingredients and biological products. On a year-to-date basis, the biomedical manufacturing cluster decreased 10.0% compared to the same period a year ago.”
The crash led to an overall manufacturing decline of 8.7%. However, even when the biomedical sector is excluded, the overall output still declined by 1.9%. Other sectors that performed poorly based on year-on-year basis are as follow:
Transport Engineering -8.7%
Aerospace Engineering -9.1%
General Manufacturing -5.1%
Precision Engineering -2.1%
Do you think Singapore is headed for a recession in 2015?
You may read more of EDB’s report here.