Singapore GDP Grows More Than Expected In Q1

The Singaporean economy advanced 2.5 percent year-on-year in the first three months of 2017, lower than 2.9 percent growth in the previous period but above market expectations of a 2.4 percent expansion. It was the highest first quarter growth since 2014, mainly boosted by manufacturing, advance estimates showed.

Year-on-year, the manufacturing sector expanded by 6.6 percent, following a 11.5 percent growth in the previous three months, driven by the electronics and precision enginering clusters. The services producing industries advanced 1.5 percent, compared to a 1 percent growth in the December quarter, largely due to the wholesale and retail trade and transportation and storage sectors.

In contrast, the construction sector contracted by 1.1 percent, extending the 2.8 percent decrease in the fourth quarter, due to a sharper decline in private sector construction activities.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted by 1.9 percent, following a 12.3 percent expansion in the December quarter and in line with market expectations. It was the strongest contraction since the third quarter of 2012, mainly due to a decrease in manufacturing (-6.6 percent from 39.8 percent in Q4) and services (-2.2 percent from 8.4 percent) while construction continued to rise (5.4 percent from 0.8 percent).

Singapore GDP Grows More Than Expected In Q1

Statistics of Singapore | Chusnul Ch Manan |
4/13/2017 10:37:31 AM