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Singapore’s economy grows 1.8% in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/05/2016 (15:57)
According to media reports, data released by Singapore’s Ministry of Trade and Industry showed that the country’s economy expanded 1.8% on the year in the first quarter in line with initial estimates in April. On a quarterly basis, meanwhile, Singapore’s economy grew 0.2%, slower compared with the growth rate of 6.2% seen in the previous three months.

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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