Singapore’s economy grows by 0.4% in Q1
Singapore’s economy grew by 0.4% on a year-on-year basis in the first quarter of 2023, lower than the 2.1% expansion in the previous quarter, the Ministry of Trade and Industry announced on May 25.
Illustrative image (Photo: thestar.com.my)On a quarter-on-quarter seasonally-adjusted basis, the MTI said the Singaporean economy contracted by 0.4%, a reversal from the 0.1% growth in the fourth quarter of 2022.
On sectoral performance, the manufacturing sector shrank by 5.6% year-on-year, worsening from the 2.6% contraction in the preceding quarter.
Meanwhile, the construction sector expanded by 7.2% year-on-year, extending the 10% growth in the previous quarter, with both public and private sector construction output increased during the quarter.
In a statement on the country’s economic performance for the quarter, the ministry said it maintained Singapore’s 2023 Gross Domestic Product (GDP) growth forecast at 0.5 to 2.5%, with growth likely to come in at around the mid-point of the range.
The Singaporean economy expanded by 3.6% in 2022./.
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