In the first quarter, GDP increased 1.6% over the same period last year, according to advance estimates released by the Ministry of Trade and Industry (MTI) on 13 April. The subdued reading marks the slowest growth pace recorded since the second quarter of 2011. However, the print overshot market expectations that had GDP rising 1.1%. Compared to the previous quarter, the economy grew a resilient seasonally adjusted annualised rate (saar) of 9.9%, which contrasted the 2.5% decline recorded in the fourth quarter. The moderation in Q1 was the result of a contraction in the manufacturing sector, which dropped 2.0% (Q4 2011: +9.2% year-on-year). In contrast, the services sector stepped up to a 2.9% expansion, following on a 2.1% increase in the previous quarter, while construction output rose 6.2% (Q4 2011: +2.9% yoy). The Monetary Authority of Singapore (MAS) expects the economy to grow between 1.0% and 3.0% this year.
Growth moderates in first quarter
April 13, 2012
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Note: Quarter-on-quarter changes of seasonally adjusted annualized GDP and year-on-year variation in %.
Source: Ministry of Trade and Industry (MTI) and FocusEconomics Consensus Forecast.
Singapore Economic News
October 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.