SINGAPORE: Singapore’s economic growth slowed sharply in the first three months of the year, data showed yesterday.
Preliminary estimates showed the city-state’s trade-reliant economy expanded a seasonally adjusted 0.1 percent quarter on quarter, the trade ministry said. That compared with 6.1 percent expansion in October-December.
The ministry said growth was hit by a 1.8 percent contraction in the services industry. The advance GDP estimates are based on two months of data, but is given out as a preview to the trade-sensitive economy’s performance during the quarter. On a year-on-year basis, GDP is estimated to have expanded 5.1 percent, slower than the 5.5 percent rise in the final three months of 2013.
The central bank, the Monetary Authority of Singapore, forecast growth of 2 to 4 percent for 2014, against from 4.1 percent last year. Manufacturing rose 4.5 percent from the preceding quarter and 8 percent due to a strong rebound in the output from the biomedical and chemical segments. AFP