Singapore GDP Growth Slows in Q1


The Singapore economy grew by 5.1 percent on a year-on-year basis in the first quarter of 2014, lower than the 5.5 percent growth in the previous quarter, according to advance estimates. While manufacturing and construction accelerated, the services sector slowed.

On a year-on-year basis, the manufacturing sector grew by 8.0 percent, following the 7.0 percent expansion in the previous quarter. The faster pace of expansion was largely due to a sharp rebound in biomedical manufacturing output and stronger growth in chemicals output. 

The construction sector expanded by 6.5 percent on a year-on-year basis in the first quarter, an improvement from the 4.8 percent growth recorded in the preceding quarter. This was largely due to stronger expansion in public sector construction activities. 

Services producing industries grew by 4.7 percent, lower than the 5.9 per cent growth in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale & retail trade and finance & insurance sectors.

On a quarter-on-quarter seasonally adjusted annualized basis, the economy expanded a meager 0.1 percent, following a 6.1 percent expansion in the last three months of 2013, hurt by a contraction in the services sector. 

Singapore GDP Growth Slows in Q1


MTI | Joana Taborda | joana.taborda@tradingeconomics.com
4/14/2014 10:27:34 AM