Singapore Economy Grows at Steady Pace in Q1

The Singapore's economy expanded by 2.1 percent on a year-on-year basis in the first quarter of 2015, the same pace as in the preceding three month period as an expansion in the construction and the services sector offset a decline in the manufacturing.

Year-on-year, the manufacturing sector contracted by 3.4 percent, following a 1.3 percent growth in the previous quarter. The contraction was due to a fall in output in the transport engineering, electronics and precision engineerings clusters.

The construction sector expanded by 3.3 percent following a  0.7  in the previous quarter, due to a pick-up in private sector construction activities. 

Services producing industries grew by 3.1 percent, the same growth as in the previous quarter. Growth was supported by sectors such as the wholesale & retail and business services.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.1 percent, compared to 4.9 percent in the previous quarter. The manufacturing sector contracted by 2.3 percent, while the construction grew by 13.8 percent and services sector shrank by 0.4 percent.

Singapore Economy Grows at Steady Pace in Q1

Singstat l Rida Husna l
4/14/2015 10:56:33 AM