Singapore: Robust growth in Q1 confirmed
May 17, 2012
According to revised figures released by the Ministry of Trade and Industry (MTI) on 17 May, in the first quarter GDP expanded a robust seasonally adjusted annualised rate (saar) of 10.0% compared to the previous quarter. The figure was virtually unchanged from the 9.9% advance estimate and marked the fastest pace of growth seen in a year. The strong rebound in the first quarter was underpinned mostly by the manufacturing sector, which soared an annualised 19.8% over the previous quarter (Q4 2011: +7.6% qoq saar). Construction output also skyrocketed an annualised 32.1% in the first quarter, which was well above the paltry 2.6% increase witnessed in the previous three-month period. Finally, the services sector grew 4.0%, which was a tad below the 4.4% increase seen in the fourth quarter, mostly reflecting lower growth in wholesale and trade as well as in financial services. Compared to the same period the previous year, the economy increased 1.6%, which was well below the 4.9% expansion recorded in the previous quarter. The government expects the economy to grow between 1.0% and 3.0% this year.