Singapore’s GDP Grew by 1.3 Per Cent in the First Quarter of 2019

12 April 2019. Based on advance estimates, the Singapore economy grew by 1.3 per cent on a year-on-year basis in the first quarter of 2019, moderating from the 1.9 per cent growth in the fourth quarter of last year. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 2.0 per cent, faster than the 1.4 per cent growth in the previous quarter.

The manufacturing sector contracted by 1.9 per cent on a year-on-year basis in the first quarter, a reversal from the 5.1 per cent growth in the previous quarter. The performance of the sector was weighed down by output declines in the precision engineering and electronics clusters, which more than offset output expansions in the biomedical manufacturing and transport engineering clusters. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector shrank by 12 per cent, extending the 2.7 per cent decline in the preceding quarter.

The construction sector grew by 1.4 per cent on a year-on-year basis in the first quarter. This represented a turnaround from the 1.0 per cent decline in the previous quarter, and also marked the first quarter of positive growth following 10 consecutive quarters of decline. The recovery of the sector was supported by an improvement in private sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector posted growth of 7.8 per cent, extending the 5.1 per cent expansion in the preceding quarter.

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MINISTRY OF TRADE AND INDUSTRY
12 APRIL 2019