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.”

Photo from singaporecompanyinc
Photo from singaporecompanyinc

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.