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Singapore’s economy grows 1.8% in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/04/2016 (16:17)
According to a preliminary data from Singapore’s Ministry of Trade and Industry (MTI), the country’s economy posted a quarterly growth of 1.8% in the first quarter of 2016, beating economists’ expectations of a 1.6% growth rate in a survey released by the Monetary Authority of Singapore (MAS). On a quarterly basis, meanwhile, Singapore’s seasonally-adjusted annualized economic growth rate remained unchanged from the previous quarter.

Singapore’s manufacturing sector contracted by 2% on the year in the January-March period after posting a 6.7% decline in the previous quarter. The contraction in the manufacturing sector was led by a decline in output in the transport engineering, precision engineering and electronics clusters.

The construction sector expanded by 6.2% in the first quarter following a 4.9% growth rate in the previous quarter with the support of higher construction activities in both the public and private sectors. However, growth in the services sector slowed to 1.9% on the year from 2.8% in the previous quarter.
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