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Singapore’s economy expands 2.1% in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/04/2015 (10:57)
According to Singapore’s Ministry of Trade and Industry, the country’s gross domestic product (GDP) rose 2.1% on the year in the first quarter. On a quarterly basis, Singapore’s economy grew 1.1% after increasing 4.9% in the last quarter of 2014.

In the first quarter, the country’s manufacturing declined 3.4% year over year compared with a 1.3% drop in the previous quarter. The decrease was attributed to lower output in the transport engineering, electronics and precision engineering segments. On a quarterly basis, Singapore’s manufacturing sector contracted 2.3% after posting a decrease of 2.5% in the last quarter of 2014.

However, Singapore’s services sector grew 3.1% on the year owing to stronger wholesale and retail trade and business services. On a quarterly basis, Singapore’s services sector declined 0.4% after expanding 7.8% in the previous quarter.

Meanwhile, the country’s construction sector grew by 3.3% on the year from a 0.7% growth posted in the last three months of the previous year. The increase was attributed to higher construction activities in private sector. On a quarterly basis, the country’s construction sector posted a seasonally adjusted growth of 13.8% after posting an increase of 2.2% in the preceding quarter.
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