Singapore economy expanded 2.7% in Q1
The Singapore economy expanded 2.7% in the first quarter from a year ago, easing from the 2.9% growth in the previous quarter, data released by the trade and industry ministry showed today. On quarter- on-quarter seasonally-adjusted annualised basis, the economy contracted by 1.3%, after posting a strong rebound of 12.3 % in the preceding quarter.
The manufacturing sector grew by 8.0% year-on-year, moderating from the 11.5% growth recorded in the previous quarter. The sector’s growth was primarily driven by the electronics and precision engineering clusters, which expanded on the back of robust global demand for semiconductors and semiconductor manufacturing equipment.
The construction sector contracted by 1.4% year-on-year, extending the 2.8% decline in the previous quarter, due to continued weakness in private sector construction works. On a quarter-on-quarter basis, the sector grew at a seasonally- adjusted annualised rate of 4.3%, faster than the 0.8% growth in the preceding quarter.
Wholesale and retail trade sector expanded 0.5% year-on-year, similar to the 0.4% in the previous quarter. Both the wholesale trade and retail trade segments turned in positive growth, with the latter supported by motor vehicle sales. On a quarter-on-quarter seasonally-adjusted annualised basis, the wholesale and retail trade sector contracted by 2.4%, a turnaround from the 2.2% growth in the previous quarter.
The transportation and storage sector expanded by 4.2% year-on-year, following the 5.4% expansion in the previous quarter. Growth was largely driven by the water transport segment, which was in turn supported by the pickup in sea cargo handled and container throughput.
-- APMR News