Singapore GDP Annual Growth Rate Steady in Q1

The Singapore's economy advanced 1.8 percent year-on-year in the first quarter of 2016, the same pace as in the previous two quarters and slightly above market expectations of a 1.7 percent growth, preliminary estimates showed. An expansion in construction and services sectors offset a contraction in manufacturing.
Statistics Singapore l Rida Husna | 4/14/2016 6:00:52 AM
Year-on-year, the construction sector expanded by 6.2 percent, up significantly from 4.9 percent growth in the previous quarter, supported by both public and private sector construction activities.

Growth in the services producing industries came in at 1.9 percent, slowing from a 2.8 percent growth in the December quarter 2015, mainly driven by the wholesale & retail trade and finance & insurance sectors.

The manufacturing sector contracted by 2.0 percent, following a 6.7 percent decline in the previous three months. The sector was primarily weighed down by a decline in the output of the transport engineering, precision engineering and electronic clusters.

On a quarter-on-quarter seasonally-adjusted annualized basis, growth was flat, reversing from a 6.2 percent expansion in the December quarter of 2015 and missing estimates of a 0.2 percent expansion. Growth was seen for manufacturing sector (+18.2 percent from a 4.9 percent contraction in the preceding quarter) and construction (+10.2 percent from +6.0 percent). In contrast, services sector contracted by 3.8 percent, compared to a 7.7 percent growth in the December quarter. 

Meanwhile, against the backdrop of a less favourable external environment, the Monetary Authority of Singapore (MAS) now projected the economy to expand at a more modest pace this year, it said later on its website.

Singapore GDP Annual Growth Rate Steady in Q1