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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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