Singapore’s GDP Grew by 4.3 Per Cent in the First Quarter of 2018

13 April 2018. Based on advance estimates, the Singapore economy grew by 4.3 per cent on a year-on-year basis in the first quarter of 2018, higher than the 3.6 per cent growth in the fourth quarter of last year. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded by 1.4 per cent, a moderation from the 2.1 per cent growth in the fourth quarter.

The manufacturing sector grew by 10.1 per cent on a year-on-year basis in the first quarter, faster than the 4.8 per cent growth in the previous quarter. All the clusters within the sector expanded, with the electronics and precision engineering clusters contributing the most to the sector’s growth. On a quarter-on-quarter seasonally-adjusted annualised basis, growth in the sector came in at 23.3 per cent, a sharp turnaround from the 14.8 per cent contraction in the preceding quarter.

The construction sector contracted by 4.4 per cent on a year-on-year basis in the first quarter, extending the 5.0 per cent decline in the previous quarter. The weak performance of the sector was due to a fall in both private sector and public sector construction activities. On a quarter-on-quarter seasonally-adjusted annualised basis, the sector grew by 4.1 per cent, a reversal from the 0.2 per cent decline in the preceding quarter.

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MINISTRY OF TRADE AND INDUSTRY

13 APRIL 2018