Singapore records 1.3 percent GDP growth in Q1

Source: Xinhua| 2019-04-12 09:00:08|Editor: huaxia
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SINGAPORE, April 12 (Xinhua) -- Singapore's Ministry of Trade and Industry announced on Friday morning that based on advance estimates, the country's gross domestic product (GDP) for the first quarter of 2019 grew 1.3 percent year on year.

That was lower than the GDP growth of 1.9 percent for the fourth quarter of 2018 and also 3.2 percent for the whole last year.

On a quarter-on-quarter seasonally-adjusted annualised basis, Singapore's economy expanded by 2 percent in the first quarter, higher than the 1.4 percent growth in the previous quarter.

In a breakdown, Singapore's manufacturing sector shrank by 1.9 percent year on year in the first quarter, compared to the 5.1 percent growth in the fourth quarter of last year. The construction sector grew by 1.4 percent year on year, compared to the 1 percent decline in the previous quarter. Meanwhile, the services producing industries expanded by 2.1 percent year on year, slightly faster than the 1.8 percent growth in the previous quarter, mainly supported by the information and communications sector and the business services sector.

The advanced GDP estimate figures released on Friday were computed largely from data in the first two months of the quarter, according to the ministry. These figures are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available. Enditem