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Financial News: Singapore Q1 GDP Growth Revised Up

Singapore Q1 GDP Growth Revised Up

05/24/2018 - 00:49:00 (RTTNews)

(RTTNews) - Singapore's economic growth accelerated more than initially estimated in the first quarter, latest figures from the Ministry of Trade and Industry showed Thursday.

Gross domestic product advanced 4.4 percent year-over-year in the March quarter, just above the 4.3 percent rise seen in the flash estimate published on April 13.

During the fourth quarter of 2017, the rate of growth was 3.6 percent.

Among sectors, manufacturing sector grew 9.8 percent year-over-year in the first quarter, mainly driven by the electronics, precision engineering and chemical clusters.

The wholesale & retail trade expanded 3.0 percent, while construction sector contracted by 5.0 percent.

On a quarter-on-quarter seasonally-adjusted annualized basis, GDP rose at a slower rate of 1.7 percent in the first quarter, following a 2.1 percent gain in the preceding quarter.

The growth rate for the March quarter was revised up from 1.4 percent.

Taking into account the strong performance of the Singapore economy in the first quarter and the slightly improved external demand outlook, MTI expects GDP growth for 2018 to come in at 2.5 to 3.5 percent, barring the full materialization of downside risks.

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