Singapore Annual GDP Growth Weakest since 2015


The economy of Singapore grew an annual 1.3 percent in the first quarter of 2019, following an unrevised 1.9 percent expansion in the previous three-month period and missing market expectations of 1.5 percent, advanced data showed. It was the slowest growth rate since Q4 2015, dragged by a contraction in manufacturing.

Slower growth was mainly explained by manufacturing activity, which contracted 1.9  percent after expanding 5.1 percent in the previous quarter. Output declines in the precision engineering and electronics clusters more than offset output expansions in the biomedical manufacturing and transport engineering clusters.

In contrast, the construction sector bounced back 1.4 percent following a 1.0 percent contraction in the previous three months and marked the first positive figure after 10 consecutive quarters of decline, supported by an improvement in private sector construction activities. Meantime, services gained steam (+2.1 percent vs +1.8 percent in Q4), mainly nudged by the information & communications and business services sectors. 

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew 2.0 percent  in the three months to March 2019, gaining steam from an unchanged 1.4 percent expansion in the previous period and beating market consensus of 1.2 percent. Growth was led by construction, up 7.8 percent from 5.1 percent in the previous three-month period and by services, up 4.8 percent from 2.8 percent in Q4 2018. In contrast, manufacturing shrank a sharp 12.0 percent compared to a 2.7 percent decline in the preceding period.


Singapore Annual GDP Growth Weakest since 2015


Statistics Singapore | Mario | mario@tradingeconomics.com
4/12/2019 8:58:46 AM