Singapore’s economic growth accelerates in Q1
On a quarterly basis, however, the country’s GDP growth slowed to 3.2% on a seasonally adjusted basis after growing 4.9% in the previous three months. Manufacturing declined 2.7% on the year in the January-March period following a drop of 1.3% in the previous quarter. The decrease was attributed to lower output in the transport engineering, electronics and biomedical manufacturing clusters. On a quarterly basis, manufacturing posted an increase of 0.2% after contracting 2.5% in the previous quarter.
Singapore’s construction sector grew 3.1% year over year in the first three months on the back of higher private sector construction activities while the wholesale and retail trade sector expanded 4.1% on the year, mostly owing to stronger wholesale trade. On a quarterly basis, construction surged 15.1% following a gain of 0.6% in the previous quarter. The country’s transportation and storage sector also grew 1.5% on the year, up from a 0.4% decline in the previous quarter.
For the accommodation and food services sector, meanwhile, Q1 showed weak figures compared with the same period of the previous year. The accommodation and food services sector declined 0.4% on the year after growing 1.3% in the previous quarter. An annual decline of 0.6% in visitor arrivals was cited as the reason for the decrease. The business sector, meanwhile, grew 2.8% year over year after expanding 2.9% in the preceding three months.
According to the Ministry of Trade and Industry, Singapore’s GDP will grow by 2 to 4% in 2015, unchanged from its previous forecast. The Ministry of Trade and Industry also expects to see acceleration in the economies of advanced countries while emerging markets and developing economies are projected to see slower growth rates this year.
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