Singapore's GDP growth slows to 1.3% in Q1: MTI advance estimates

SINGAPORE — The Singapore economy grew 1.3 per cent in the first quarter, according to advance estimates released by the Ministry of Trade and Industry (MTI) on Friday (Apr 12).

Gross domestic product grew by 1.3 per cent year-on-year in the January to March period, down from 1.9 per cent in the previous quarter, MTI said in a press release.

On a quarter-on-quarter seasonally adjusted annualised basis, gross domestic product grew by 2 per cent, faster than the 1.4 per cent growth in the fourth quarter of last year.

The manufacturing sector contracted by 1.9 per cent on a year-on-year basis in the first quarter, a reversal from the 5.1 per cent growth in the previous quarter.

"The performance of the sector was weighed down by output declines in the precision engineering and electronics clusters, which more than offset output expansions in the biomedical manufacturing and transport engineering clusters," said MTI.

"On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 12 per cent, extending the 2.7 per cent decline in the preceding quarter." CNA

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