- The Straits Times
The Ministry of Trade and Industry (MTI) announced on Thursday (May 24) that Singapore’s economy in Q1 grew by 4.4 per cent – higher than the previous quarter’s 3.6 per cent.
The expected gross domestic product (GDP) growth for 2018 is now expected come in at 2.5 to 3.5 cent improving slightly on the earlier estimate of 1.5 to 3.5 cent.
Manufacturing was the biggest contributor, surging twice as much to 9.8 per cent from the previous quarter’s 4.8 per cent.
The finance & insurance sector accelerated to 9.1 per cent year-on-year, from 6.3 per cent in the previous quarter; while the business services sector grew by 2.8 per cent year-on-year, faster than the 0.4 per cent growth in the preceding quarter.
Construction, however, contracted by 5.0 per cent year-on-year, the same pace of decline as in the last quarter as its output was weighed down by continued weakness in both public sector and private sector construction activities.
MTI’s statement said barring the full materialisation of downside risks, its full-year GDP growth forecast of 2.5 to 3.5 per cent is based on the strong performance of the Singapore economy in Q1 and the slightly improved external demand for Singapore.