ASEAN KEY DESTINATIONS
Singapore economy grew 1.8% year-on-year in Q1 2016: MTI
SINGAPORE: The Republic's economy expanded by 1.8 per cent on a year-on-year basis in the first quarter of 2016, unchanged from the previous quarter and exceedinganalysts’ expectations, according to figures released by the Ministry of Trade and Industry (MTI) on Wednesday (May 25).
On a quarter-on-quarter seasonally adjusted annualised basis, the economy expanded by 0.2 per cent, down from the 6.2 per cent growth in the preceding quarter.
According to a quarterly survey released by the Monetary Authority of Singapore (MAS) in March, private sector economists had expected Singapore’s economy to grow by 1.6 per cent for the January to March quarter compared to a year ago.
The GDP growth forecast for 2016 is maintained at 1 per cent to 3 per cent, MTI added.
MANUFACTURING SECTOR DOWN 1 PER CENT
Dragged down primarily by the transport engineering and precision engineering clusters, the manufacturing sector contracted by 1 per cent, after the 6.7 per cent decline in the previous quarter. The two clusters were in turn weighed down by the weak performance of firms in the marine & offshore segment and firms that produce equipment for the oil & gas industry respectively, said MTI.
On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 23.3 per cent, reversing the 4.9 per cent contraction in the previous quarter.
The wholesale & retail trade sector grew by 1.8 per cent year-on-year, slower than the 6.8 per cent expansion in the previous quarter, largely due to the wholesale trade segment, said MTI. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 10.3 per cent, down from the 3.7 per cent expansion in the preceding quarter.
The transportation & storage sector contracted 0.4 per cent year-on-year, compared to the 0.9 per cent contraction in the previous quarter, weighed down by the water transport segment, with container throughput declining by 9.0 per cent, said the ministry. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 3.4 per cent, reversing the 2.6 per cent contraction in the previous quarter.
The accommodation & food services sector grew 1.5 per cent year-on-year, higher than the 0.9 per cent in the previous quarter, largely due to the 13.8 per cent increase in visitor arrivals. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 0.3 per cent, edging down from the 1.0 per cent growth in the preceding quarter.
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