ASEAN KEY DESTINATIONS
Singapore's GDP grew 2.1% on-year in Q1 2015: MTI
SINGAPORE: Based on advanced estimates, the Republic's economy grew by 2.1 per cent on a year-on-year basis in the first quarter of 2015, announced the Ministry of Trade and Industry (MTI) in a press release on Tuesday (Apr 14). This is the same rate of growth as achieved in the previous quarter, it added.
On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.1 per cent compared to the 4.9 per cent in the preceding quarter, said MTI.
For the manufacturing sector, it contracted by 3.4 per cent on a year-on-year basis, following the 1.3 per cent decline in the previous quarter. The contraction was due to a fall in output in the transport engineering, electronics and precision engineering clusters.
On a quarter-on-quarter basis, the sector contracted at an annualised rate of 2.3 per cent, following the decline of 2.5 per cent in the preceding quarter.
The construction sector expanded by 3.3 per cent on a year-on-year basis in the first quarter - an increase over the 0.7 per cent growth in the previous quarter. Growth was largely due to a pick-up in private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, growth in the sector increased to 13.8 per cent, up from the previous quarter's 2.2 per cent.
Services producing industries grew by 3.1 per cent on a year-on-year basis in the first quarter, which is the same rate of growth as the previous quarter. Growth was supported by sectors such as wholesale & retail trade and business services. On a quarter-on-quarter basis, the services producing industries contracted at an annualised rate of 0.4 per cent, a reversal from the 7.8 per cent expansion in the preceding quarter.
MTI will release the preliminary GDP estimates for the first quarter, including performance by sectors, sources of growth, inflation, employment and productivity, in its Economic Survey of Singapore in May 2015.
The advance GDP estimates for the first quarter of 2015 are computed largely from data in the first two months of the quarter - in this case, January and February. They are intended as an early indication of the GDP growth in the quarter, and are subject to revision when more comprehensive data become available, said MTI.
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