Singapore’s GDP grew by 5,1% in Q1 2014

SINGAPORE — Singapore’s economy grew 5.1 per cent on-year in Q1 this year, or 0.1 per cent on-quarter on a seasonally-adjusted annualised basis, according to advance estimates by the Ministry of Trade and Industry (MTI).

This is lower than the 5.5 per cent growth on-year seen in the previous quarter. The on-quarter growth last quarter was 6.1 per cent.

On a year-on-year basis, the manufacturing sector grew by 8.0 per cent, compared to the 7.0 per cent expansion in Q4 last year. This faster pace of expansion was largely due to a sharp rebound in biomedical manufacturing output and stronger growth in chemicals output, said the MTI. On a quarter-on-quarter basis, the sector grew at an annualised rate of 4.5 per cent, compared to the growth of 10.4 per cent in the previous quarter.

The construction sector grew by 6.5 per cent on a year-on-year basis in the first quarter, an improvement from the 4.8 per cent growth recorded in the previous quarter. This was largely due to stronger expansion in public sector construction activities, said the MTI. On a quarter-on-quarter basis, the sector expanded at an annualised rate of 10.7 per cent, following the 1.4 per cent growth in the preceding quarter.

Services producing industries grew by 4.7 per cent on a year-on-year basis in Q1 this year, lower than the 5.9 per cent expansion in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale & retail trade and finance & insurance sectors, said the MTI. On a quarter-on-quarter basis, the services producing industries contracted at an annualised rate of 1.8 per cent, a reversal from the 6.1 per cent expansion in the previous quarter.

MTI said that it will release the preliminary GDP estimates for Q1 this year, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore next month.

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