Singapore’s economy grows 1.8% in Q1
The data showed that Singapore’s manufacturing sector contracted 1% year over year after shrinking 6.7% in the previous quarter. However, on a quarterly basis, the manufacturing sector posted a seasonally-adjusted growth of 23.3% following a decrease of 4.9% in the preceding quarter.
The country’s construction sector also supported economic growth in the first quarter, expanding 6.2% on the year on the back of public sector construction works and private industrial building. On a quarterly basis, the sector expanded at a seasonally-adjusted annualized rate of 10.5% in the January- March period. In the first three months, the wholesale and retail trade sector grew by 1.8% year over year while the transportation and storage sector contracted 0.4%.
The ministry also reported that they maintained their economic growth forecast at 1% to 3% for 2016.
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