News Content
Singapore's quarterly economic growth appeared to slow to 5.1pc
THE Singapore economy grew by 5.1 per cent year on year in the first quarter, lower than the 5.5 per cent growth in the previous quarter based on advanced estimates from its Ministry of Trade and Industry (MTI).
On a quarter-to-quarter seasonally adjusted annualised basis, the economy grew by 0.1 per cent, moderating from the 6.1 per cent expansion in the preceding quarter.
Advance estimates on a year-on-year basis, the manufacturing sector grew eight per cent, following the seven per cent 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.
On a quarter-to-quarter basis, the sector grew at an annualised rate of 4.5 per cent, compared to the growth of 10.4 per cent in the preceding quarter.
The construction sector expanded 6.5 per cent year on year in the first quarter, an improvement from the 4.8 per cent growth recorded in the preceding quarter. This was largely due to stronger expansion in public sector construction activities.
Services producing industries grew 4.7 per cent year on year in the first quarter, lower than the 5.9 per cent growth in the previous quarter.
Slowing of growth was largely due to slower expansion in the wholesale and retail trade and finance and insurance sectors.
On a quarter-on-quarter basis, services producing industries contracted at an annualised rate of 1.8 per cent, a reversal of the 6.1 per cent expansion in preceding quarter.
MTI will release the preliminary GDP estimates for the first quarter, including performance by sectors, sources of growth, inflation, employment and productivity in May 2014.
On a quarter-to-quarter seasonally adjusted annualised basis, the economy grew by 0.1 per cent, moderating from the 6.1 per cent expansion in the preceding quarter.
Advance estimates on a year-on-year basis, the manufacturing sector grew eight per cent, following the seven per cent 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.
On a quarter-to-quarter basis, the sector grew at an annualised rate of 4.5 per cent, compared to the growth of 10.4 per cent in the preceding quarter.
The construction sector expanded 6.5 per cent year on year in the first quarter, an improvement from the 4.8 per cent growth recorded in the preceding quarter. This was largely due to stronger expansion in public sector construction activities.
Services producing industries grew 4.7 per cent year on year in the first quarter, lower than the 5.9 per cent growth in the previous quarter.
Slowing of growth was largely due to slower expansion in the wholesale and retail trade and finance and insurance sectors.
On a quarter-on-quarter basis, services producing industries contracted at an annualised rate of 1.8 per cent, a reversal of the 6.1 per cent expansion in preceding quarter.
MTI will release the preliminary GDP estimates for the first quarter, including performance by sectors, sources of growth, inflation, employment and productivity in May 2014.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
