Singapore’s economy in the first quarter of this year expanded 5.1percent compared to a year ago, announced the Ministry of Trade andIndustry (MTI) on April 14.
Also accordingto the MTI’s advance estimates of gross domestic product (GDP), on ayear-on-year basis, the manufacturing sector grew by 8.0 percent,compared to the 7.0 percent expansion in the last quarter of 2013,mainly thanks to a sharp rebound in biomedical manufacturing output andstronger growth in chemicals output.
Theconstruction sector grew by 6.5 percent year-on-year, higher than the4.8 percent growth recorded in the previous quarter. This was largelydue to stronger expansion in public sector construction activities, saidthe MTI.
Services industries grew by 4.7percent year-on-year in Q1, lower than the 5.9 percent expansion in theprevious quarter, largely due to slower expansion in the wholesale& retail trade and finance & insurance sectors.
Last year, the city-state recorded a GDP growth of 4.1 percent, much higher than the 1.9 percent in 2012.
Still, the MTI estimated that this year the country’s GDP would vary between 2.0 and 4.0 percent.-VNA
Also accordingto the MTI’s advance estimates of gross domestic product (GDP), on ayear-on-year basis, the manufacturing sector grew by 8.0 percent,compared to the 7.0 percent expansion in the last quarter of 2013,mainly thanks to a sharp rebound in biomedical manufacturing output andstronger growth in chemicals output.
Theconstruction sector grew by 6.5 percent year-on-year, higher than the4.8 percent growth recorded in the previous quarter. This was largelydue to stronger expansion in public sector construction activities, saidthe MTI.
Services industries grew by 4.7percent year-on-year in Q1, lower than the 5.9 percent expansion in theprevious quarter, largely due to slower expansion in the wholesale& retail trade and finance & insurance sectors.
Last year, the city-state recorded a GDP growth of 4.1 percent, much higher than the 1.9 percent in 2012.
Still, the MTI estimated that this year the country’s GDP would vary between 2.0 and 4.0 percent.-VNA
