Singapore's GDP Growth Revised to 0.2% YoY in Q1 2013

In the first quarter of 2013, Singapore's GDP growth eased to 0.2 percent year-on-year, from 1.5 percent in the preceding quarter, mainly due to the decline in externally-oriented sectors such as manufacturing and wholesale trade. That's a much higher growth rate than previous advanced estimate that showed a 0.6 percent contraction.
Ministry of Trade and Industry | Joana Taborda | 5/23/2013 9:57:56 AM
On a year-on-year basis, the manufacturing sector contracted by 6.8 percent, compared to the decline of 1.1 percent in the preceding quarter, mainly due to a sharp fall in the output of the biomedical manufacturing and transport engineering clusters.

The wholesale and retail trade sector contracted by 1.1 per cent, compared to the decline of 1.5 per cent in the previous quarter.

Similarly, the transportation and storage sector declined by 0.5 percent.

The construction sector expanded by 7.3 percent, following the 5.8 percent growth in the preceding quarter.

Growth in the finance and insurance sector accelerated to 10.5 percent on a year-on-year basis, from 3.3 percent in the preceding quarter, mainly boosted by robust growth in the sentiment-sensitive segment and the financial intermediation cluster amidst signs of stabilization in the external environment.

Supported by robust real estate activities, growth in the business services sector improved to 4.3 percent.

Growth in the accommodation and food services sector slowed marginally to 2.1 percent from 2.2 percent in the previous quarter.

On a quarter-on-quarter basis, the economy grew by an annualized rate of 1.8 percent, slowing from the 3.3 percent growth in the previous quarter.