Singapore's GDP ease to 1.3% for Q1
Growth in the first quarter came from the services and construction sectors.
The Singapore economy grew by 1.3% from a year ago for the first quarter of 2019, advance estimates revealed on Friday, helped by support from the services and construction sectors.
The growth for the first quarter was however, moderated from the fourth quarter’s 1.9% gain, data from the Ministry of Trade and Industry showed.
On a quarter-on-quarter seasonally adjusted basis, Gross Domestic Product rose by 2.0%, accelerating from the 1.4% growth in the previous quarter.
For the first quarter, the services producing industries helped support economic growth with a 2.1% increase compared to a year ago, rising slightly from the 1.8% growth in the fourth quarter. The information and communications and business services segments supported the growth for the quarter.
The construction sector grew by 1.4% from a year ago, marking a turnaround from the 1.0% decline in the previous quarter. The performance was the first quarter of growth after ten straight quarters of decline. The MTI said the recovery of the sector was supported by an ‘improvement in private sector construction activities’.
The manufacturing sector, meanwhile, shrank by 1.9% for the quarter, which was a reversal from the 5.1% growth in the previous quarter. The decline is due partly to a high base effect from a year ago as the first quarter of last year had expanded by 10.1%. For the first quarter, the sector was weighed down by output declines in the precision engineering and electronics clusters.
The first quarter final estimates for the country’s economic growth will be released in May.
In a separate statement on Friday, the country's central bank left its monetary policy unchanged as it observes of a slower economy that is likely to expand at a moderate pace in the coming quarters. Despite some pickup in labour costs, inflationary pressures are mild and should remain contained, it said.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.