The Singapore economy grew by 2.5% year-on-year in the first quarter of 2017, easing from the 2.9% growth in the previous quarter, according to the Ministry of Trade and Industry.
Quarter-on-quarter, the economy contracted on a seasonally adjusted annualized basis by 1.9% after posting a strong rebound of 12.3% in the preceding quarter.
The manufacturing sector expanded by 6.6% year-on-year in the first quarter, moderating from the 11.5% growth in the previous quarter. Growth was supported primarily by robust output expansions in the electronics and precision engineering clusters, which outweighed output declines in the biomedical manufacturing, transport engineering, and general manufacturing clusters.
Quarter-on-quarter, the sector saw a pullback in growth in the first quarter, contracting by 6.6% following the 39.8% surge in the preceding quarter.
The construction sector contracted by 1.1% year-on-year in the first quarter, extending the 2.8% decline in the previous quarter, weighed down by a slowdown in private sector construction activities.
Quarter-on-quarter, the sector grew by 5.4%, accelerating from the 0.8% growth in the preceding quarter.
The services producing industries expanded by 1.5% year-on-year in the first quarter, an improvement from the 1.0% growth in the previous quarter. Growth was mainly supported by the wholesale & retail trade and transportation & storage sectors, which were in turn bolstered by a continued recovery in exports.
On a quarter-on-quarter basis, the services producing industries contracted at an annualized rate of 2.2%, reversing the 8.4% expansion in the preceding quarter.
Photo: Kai Lehmann
