The Singapore economy grew by 1.8% on a year-on-year basis in the first quarter of 2016, the same pace of growth as in the previous quarter, the Ministry of Trade and Industry reported this morning.
Economists surveyed by the Monetary Authority of Singapore (MAS) earlier had expected a 1.6% growth on year for 1Q.
But growth was flat on a quarter-on-quarter seasonally-adjusted annualised basis, in contrast to the 6.2% expansion in the preceding quarter.
MTI said the manufacturing sector contracted by 2.0% on a year-on-year basis in the first quarter, following the 6.7% decline in the previous quarter.
The sector was primarily weighed down by a decline in the output of the transport engineering, precision engineering and electronics clusters.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector rebounded to post growth of 18.2%, compared to the 4.9% contraction in the preceding quarter.
The construction sector expanded by 6.2% on a year-on-year basis in the first quarter, an improvement from the 4.9% growth recorded in the previous quarter. The stronger growth in the sector was supported by both public and private sector construction activities.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 10.2%, accelerating from the 6.0% growth in the preceding quarter.
Growth in the services producing industries came in at 1.9% on a year-on-year basis in the first quarter, easing from the 2.8% growth in the previous quarter. Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors.
On a quarter-on-quarter basis, the services producing industries contracted at an annualised rate of 3.8%, a reversal from the 7.7% expansion in the preceding quarter.
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Economists surveyed by the Monetary Authority of Singapore (MAS) earlier had expected a 1.6% growth on year for 1Q.
But growth was flat on a quarter-on-quarter seasonally-adjusted annualised basis, in contrast to the 6.2% expansion in the preceding quarter.
MTI said the manufacturing sector contracted by 2.0% on a year-on-year basis in the first quarter, following the 6.7% decline in the previous quarter.
The sector was primarily weighed down by a decline in the output of the transport engineering, precision engineering and electronics clusters.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector rebounded to post growth of 18.2%, compared to the 4.9% contraction in the preceding quarter.
The construction sector expanded by 6.2% on a year-on-year basis in the first quarter, an improvement from the 4.9% growth recorded in the previous quarter. The stronger growth in the sector was supported by both public and private sector construction activities.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 10.2%, accelerating from the 6.0% growth in the preceding quarter.
Growth in the services producing industries came in at 1.9% on a year-on-year basis in the first quarter, easing from the 2.8% growth in the previous quarter. Growth was supported mainly by the wholesale & retail trade and finance & insurance sectors.
On a quarter-on-quarter basis, the services producing industries contracted at an annualised rate of 3.8%, a reversal from the 7.7% expansion in the preceding quarter.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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