Gross domestic product growth of Singapore slowed down in the first quarter of 2019 to stand at 1.3 percent (Photo: www.straitstimes.com)Singapore (VNA) – Gross domesticproduct growth of Singapore slowed down in the first quarter of 2019 to standat 1.3 percent, compared to the 1.9 percent growth in Q4 of 2018 and 3.2percent the previous year.
The figure released by the Ministry of Trade and Industry (MTI) onApril 12 came in slightly under expectations of1.4 percent growth by economists surveyed by Bloomberg.
Meanwhile, on aseasonally adjusted annualised basis, preliminary numbers for the first threemonths of this year suggest an improvement from the last quarter, up 2 percentquarter-on-quarter.
The MTI said the country’s economic growthwas contributed by the sector. The construction sector also rose by 1.4 percent ina turnaround from the 1 percent reduction in Q4 of 2018, marking its firstquarter of increase after 10 consecutive declines.
However, the manufacturing sectordecreased by 1.9 percent year-on-year in Q1, reverting from a surge of 5.1percent in Q4 last year, due to output declines in volume of engineering andelectronics.
The MTI will release further information in its Economic Survey ofSingapore in May.
The ministry earlier set Singapore’s 2019economic growth projection at between 1.5 percent and 3.5 percent compared tothe 3.2 percent growth the previous year.-VNA
